Today, the House Housing Policy and Finance and Public Health Finance Division adopted an amendment to the budget bill that reduces the funding for the Minnesota Housing Homeownership Assistance Fund (HAF) by approximately two-thirds over the next two years to only $300,000 per year. Currently, the program appropriation is $885,000 per year.
HAF is an essential part of the first-time homebuyer programs offered at Minnesota Housing and provides the opportunity for eligible homebuyers who qualify for a Minnesota Housing loan to receive an interest-free, deferred loan to help with down payment and closing costs. HAF has a long history of providing and promoting successful homeownership to low and moderate income households, serving a typical household income of $35,000 which is 50% of the statewide median income. The program is also an integral tool in working towards increasing emerging market homeownership, with a high percentage of emerging market borrowers receiving this assistance.
We need your help!We urge our housing partners to please take a moment and send an email to each member of the House Housing Policy and Finance and Public Health Finance Division, asking for the immediate reinstatement of this appropriation to the House Budget, especially if you live in one of the communities represented by a committee member. Members of the committee and their contact information are listed below.
We need as many individuals as possible to respond immediately, ensuring that HAF continues to support the recovery of the housing market.