Bill Text: MN HF1624 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Minnesota Housing Finance Agency; mortgage registry tax and deed tax proceed portion appropriated for creation of affordable housing units.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-03-18 - Introduction and first reading, referred to Housing Finance and Policy [HF1624 Detail]
Download: Minnesota-2013-HF1624-Introduced.html
1.2relating to housing; appropriating a portion of the proceeds of the mortgage
1.3registry tax and deed tax to the Minnesota Housing Finance Agency to be used
1.4for creation of affordable housing units.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. MINNESOTA HOUSING FINANCE AGENCY; AFFORDABLE
1.7HOUSING PROJECTS.
1.8 Subdivision 1. Appropriation. In fiscal years 2014 to 2023, the amount determined
1.9under subdivision 2 is annually appropriated from the general fund to the Minnesota
1.10Housing Finance Agency for the creation of additional affordable housing units, under
1.11Minnesota Statutes, section 462A.33. The dedicated money under this section must
1.12supplement traditional sources of funding for this purpose and may not be used as a
1.13substitute. The dedicated money may be used to pay for debt service on bonds.
1.14 Subd. 2. Determination of funding amount. By September 1 of 2014 and each
1.15year thereafter through 2023, the commissioner of revenue shall determine the total
1.16amount of the proceeds of the mortgage registry tax imposed under Minnesota Statutes,
1.17section 287.035, and the deed tax imposed under Minnesota Statutes, section 287.21,
1.18that was collected during the fiscal year ending in that calendar year and deposited in
1.19the general fund, and shall determine the amount by which that exceeds the amount so
1.20collected in fiscal year 2014.
1.21 Subd. 3. Minnesota Housing Finance Agency report. The Minnesota Housing
1.22Finance Agency shall report annually by December 15 to the chairs of the house of
1.23representatives and senate committees with jurisdiction over the Minnesota Housing
2.1Finance Agency on the progress under subdivision 1, related to creating 1,000 additional
2.2affordable housing units annually.
1.3registry tax and deed tax to the Minnesota Housing Finance Agency to be used
1.4for creation of affordable housing units.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. MINNESOTA HOUSING FINANCE AGENCY; AFFORDABLE
1.7HOUSING PROJECTS.
1.8 Subdivision 1. Appropriation. In fiscal years 2014 to 2023, the amount determined
1.9under subdivision 2 is annually appropriated from the general fund to the Minnesota
1.10Housing Finance Agency for the creation of additional affordable housing units, under
1.11Minnesota Statutes, section 462A.33. The dedicated money under this section must
1.12supplement traditional sources of funding for this purpose and may not be used as a
1.13substitute. The dedicated money may be used to pay for debt service on bonds.
1.14 Subd. 2. Determination of funding amount. By September 1 of 2014 and each
1.15year thereafter through 2023, the commissioner of revenue shall determine the total
1.16amount of the proceeds of the mortgage registry tax imposed under Minnesota Statutes,
1.17section 287.035, and the deed tax imposed under Minnesota Statutes, section 287.21,
1.18that was collected during the fiscal year ending in that calendar year and deposited in
1.19the general fund, and shall determine the amount by which that exceeds the amount so
1.20collected in fiscal year 2014.
1.21 Subd. 3. Minnesota Housing Finance Agency report. The Minnesota Housing
1.22Finance Agency shall report annually by December 15 to the chairs of the house of
1.23representatives and senate committees with jurisdiction over the Minnesota Housing
2.1Finance Agency on the progress under subdivision 1, related to creating 1,000 additional
2.2affordable housing units annually.
