.................... moves to amend H.F. No. 2112, the first engrossment, as follows:
Delete everything after the enacting clause and insert:
"Section 1. HOUSING OPPORTUNITIES MADE EQUITABLE (HOME) PILOT
1.5(a) The Housing Opportunities Made Equitable (HOME) pilot project is established to
1.6support closing the disparity gap in affordable homeownership for all communities of color
1.7and American Indians in Minnesota and increase housing opportunities for specific groups
1.8while closing the disparity gap that exists in Minnesota. The pilot project may also support
1.9the redevelopment and rebuilding of challenged neighborhoods affected by the foreclosure
1.10crisis. The Minnesota Housing Finance Agency shall collaborate with the Chicano Latino
1.11Affairs Council, Council on Asian-Pacific Minnesotans, Council on Black Minnesotans,
1.12and Minnesota Indian Affairs Council in designing the implementation of the pilot project.
1.13(b) If funds are available to the Minnesota Housing Finance Agency, the
1.14commissioner may use the available funds to: support the capacity of several local
1.15community nonprofit housing and service providers to administer the HOME pilot
1.16project under this section, to support providers that assist families to attain sustainable,
1.17affordable homeownership as described in paragraph (c) and to make first mortgage loans
1.18as described in paragraph (d).
1.19(c) Assistance to attain sustainable affordable homeownership may include
1.20long-term financial education, training, case management, credit mending, homebuyer
1.21education, and foreclosure prevention mitigation services. The Minnesota Housing
1.22Finance Agency shall choose providers of the assistance described in this paragraph that
1.23have proven track records of assisting culturally diverse groups of people with long-term
1.24education services and that have historically resulted in sustainable affordable housing
1.25opportunities for culturally diverse groups.
1.26(d) Funds may be used to make first mortgage financing to homebuyers who have the
1.27financial resources to pay a mortgage but are unable to access a mortgage that meets their
2.1needs. The mortgage loans will be originated by qualified providers. A qualified provider is
2.2a provider that has a proven track record of assisting culturally diverse groups of people in
2.3attaining sustainable affordable homeownership and that, at a minimum, is in good standing
2.4with the Minnesota Department of Commerce, is licensed to originate mortgage loans, and
2.5has demonstrated an ability to underwrite to FHA or conventional underwriting guidelines.
2.6Qualified providers may be paid an origination fee, service release premium and a standard
2.7fee set in order to expand capacity to assist more families with purchasing a home.
Amend the title accordingly