4.11 HRSR 02-02-2015 - Laserfiche WebLink

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rebuilding of challenged neighborhoods affected by the foreclosure crisis. It calls upon the Minnesota Housing Finance Agency to work with state councils on underrepresented populations to design the implementation of the pilot project. Effective Aug. 1, 2014  Mortgage small servicer definition and foreclosure curative act clarified . Chapter 191 (HF 2213*/SF 2445) makes the definition of a small servicer permanent and clarifies the statute of limitations for validating or invalidating a mortgage foreclosure. Section 1 makes permanent a definition of small servicer that would have sunset on Aug. 1, 2014. The provisions required in Minn. Stat. § 582.043 related to dual-tracking and loss mitigation do not apply to mortgage services that conduct 125 or fewer foreclosure sales in the 12-month period. Section 2 states that the statute of limitations for validating or invalidating a mortgage foreclosure will apply regardless of a court decision requiring strict compliance with foreclosure procedure. Effective May 2, 2014.  Housing provisions in the 2014 Omnibus Capital Investment (Bonding) Act. Chapter 294 (HF 2490*/SF 2605) is the 2014 Omnibus Capital Investment (Bonding) Act. It authorizes approximately $893 million in capital improvement projects. It includes the following funding for the rehabilitation of public housing units: Public housing rehabilitation funding provided . Section 23 provides for $20 o million to the housing development fund within the Minnesota Housing Finance Agency (MHFA) to finance costs of rehabilitation to preserve public housing under Minn. Stat. § 462A.202, subd. 3a. Chapter 294 defines “public housing” as housing for low-income persons and households financed by the federal government and owned and, operated by the public housing authorities and agencies formed by cities and counties. Public housing authorities receiving a public housing assessment composite score of 80 or above are eligible to receive funding. Priority must be given to proposals that maximize federal or local resources to finance the capital costs. The priority in Minn. Stat. § 462A.202, subd. 3a for projects to increase the supply of affordable housing, and the restrictions of Minn. Stat. § 462A.202, subd. 7, do not apply to this appropriation. Effective May 21, 2014.  Housing provisions in the Omnibus General Fund Capital Investment Act . Chapter 295 (HF 1068*/SF 882) provides approximately $199 million in general fund money for a variety of capital investments. Housing infrastructure bonds authorization provided . Section 19 amends o Minn. Stat. § 462A.37 to authorize up to an additional $80 million of housing infrastructure bonds. Housing infrastructure bonds can be used to finance the acquisition, construction, and rehabilitation of supportive housing, and federally assisted rental housing. The bonds may also be used to finance acquisition of land 24 Page of 179712v2