462C.01 AUTHORIZATION. A city may develop and administer programs of (1) making or purchasing mortgage or rehabilitation loans pursuant to section 462C.03 to finance the acquisition or rehabilitation of single family housing by low and moderate income persons and families anywhere within its boundaries, or (2) making or purchasing loans pursuant to section 462C.05 to […]
462C.02 DEFINITIONS. Subdivision 1. Application. For the purposes of sections 462C.01 to 462C.08, the terms defined in this section have the meanings given them. Subd. 2. [Repealed, 1995 c 167 s 16] Subd. 3. Program. “Program” means an individual component of a city’s overall program for housing for which one or more issues of revenue […]
462C.03 CITY HOUSING PLAN. Subdivision 1. [Repealed, 1995 c 167 s 16] Subd. 1a. Plan requirements. In addition to the requirements provided in subdivisions 2 and 3, if applicable, each program to be developed and administered by a city under a housing plan shall, at a minimum, set forth: (a) a general description of the […]
462C.04 PROGRAM REVIEW. Subdivision 1. [Repealed, 1995 c 167 s 16] Subd. 2. Program review. A public hearing shall be held on each program after one publication of notice in a newspaper circulating generally in the city, at least 15 days before the hearing. On or before the day on which notice of the public […]
462C.05 MULTIFAMILY HOUSING, HEALTH CARE FACILITY. Subdivision 1. Use of loans; conditions. A city may also include in the housing plan, a program or programs to administer, and make or purchase a loan or loans to finance one or more multifamily housing developments within its boundaries, of the kind described in subdivision 2, 3, 4 […]
462C.06 COUNTY HRA ACTING ON BEHALF OF CITY. A housing and redevelopment authority in and for a county may exercise the powers conferred by sections 462C.01 to 462C.10 either (1) on its own behalf or (2) on behalf of a city (other than a county housing and redevelopment authority), if the city authorizes the housing […]
462C.07 HOUSING REVENUE BONDS. Subdivision 1. City has HFA powers. To finance programs or developments described in any plan the city may, upon approval of the program as provided in section 462C.04, subdivision 2, issue and sell revenue bonds or obligations which shall be payable exclusively from the revenues of the programs or developments. In […]
462C.071 SINGLE-FAMILY MORTGAGE BONDS; LIMITATIONS. Subdivision 1. Definitions. (a) For purposes of this section, the following terms have the meanings given them. (b) “Existing housing” means single-family housing that (i) has been previously occupied prior to the first day of the origination period; or (ii) has been available for occupancy for at least 12 months […]
462C.08 OTHER HOUSING LEGISLATION. Sections 462C.01 to 462C.07 do not impair or otherwise affect the validity or provisions for the security of any obligations issued or agreements made pursuant to law before June 2, 1979. Sections 462C.01 to 462C.07 do not preclude or affect or limit the institution or financing or character of a housing […]
462C.10 OFFICIAL ACTION EXCEPTION. Bonds or other obligations which were approved by official action of a city before April 25, 1979, and exempted from the provisions of the Mortgage Subsidy Bond Tax Act of 1980, Public Law 96-499, pursuant to section 1104(b) may be issued without regard to the restrictions of section 462C.07, subdivision 2, […]
462C.11 MORTGAGE CREDIT CERTIFICATE PROGRAMS. Subdivision 1. City program. A city may include in the housing plan a program to issue and administer mortgage credit certificates, under a qualified mortgage credit certificate program, to assist in the acquisition, qualified rehabilitation, or qualified home improvement of the recipient’s principal residence. Subd. 2. Program requirements. Mortgage credit […]
462C.12 MINNEAPOLIS/ST. PAUL HOUSING FINANCE BOARD; POWERS; JURISDICTION. Subdivision 1. Establishment of housing board ratified. The establishment of the Minneapolis/St. Paul Housing Finance Board in accordance with a joint powers agreement entered into between the Minneapolis Community Development Agency and the Housing and Redevelopment Authority of the city of St. Paul, and accepted by the […]
462C.13 CITY INDIAN HOUSING AUTHORITY. A city may establish an Indian housing authority as provided in the Code of Federal Regulations, title 24, part 905, with all necessary legal powers to carry out housing projects for low- and moderate-income American Indians. History: 1989 c 328 art 4 s 7
462C.14 HOUSING PROGRAM AND DEVELOPMENTAL FINANCIAL SERVICES. Subdivision 1. Authorization to provide services. A city, as defined in section 462C.02, subdivision 6, may provide housing program and development financial services, including mortgage banking services, for housing financed or assisted under a housing program of the city. The services provided by the city may include all […]
462C.16 HOUSING TRUST FUNDS FOR LOCAL HOUSING DEVELOPMENT. Subdivision 1. Definitions. (a) For the purposes of this section, the following terms have the meanings given to them. (b) “Commissioner” means the commissioner of the Minnesota Housing Finance Agency. (c) “Fund” means a local housing trust fund or a regional housing trust fund. (d) “Local government” […]
