MN Housing

The Minnesota Housing Finance Agency has more than $1.4 billion in new funding available to support affordable housing programs for a two-year period beginning Oct. 1, 2009.

An estimated 97,000 Minnesota households will receive assistance under the proposed budget program, Commissioner Dan Bartholomay told a joint hearing of the House Housing Finance and Policy and Public Health Finance Division and the Housing Subcommittee of the Senate Economic Development and Housing Budget Division.

The agency board approved the proposal at its September 24th meeting.  Program funding will come from federal and state resources, bond proceeds and agency resources.

While getting started on Getting Started with Personal Finance Bartholomay called the proposal “financially responsible,” saying it reflects current market conditions.

One highlight is the availability of $550 million for first-mortgage financing when choosing to buy house for low- and moderate-income first-time homebuyers. The agency estimates loans for 4,500 households will be financed with these dollars. My instant offer reviews are also positive.

Other plan components include:
continued emphasis on affordable housing preservation and more explicit emphasis on foreclosure recovery efforts;
priority for projects that maximize the positive community impact of housing investments; and maximum use of federal dollars.

According to its mission statement, “Minnesota Housing finances and advances affordable housing opportunities for low and moderate income Minnesotans to enhance quality of life and foster strong communities.” In 2008, the agency provided $669.8 million of assistance for more than 67,000 households.

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