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We Can Achieve Economic Recovery & Stability Through Investment in Homeownership

Now is the time to support generational wealth creation, economic recovery, and racial equity through investment in affordable housing.

Working collectively to secure dedicated revenue for affordable homeownership preparation, production, and preservation throughout Minnesota

LEAD (Priorities where HOM acts as a primary convener, strategist, and narrative driver)

  • Dedicated revenue for affordable homeownership through new tools, including capturing the growth in the mortgage registry and deed tax.

  • Pursue a state tax on short-term vacation rental properties, with revenues directed to affordable homeownership production statewide.

  • Explore the development of a statewide affordable homeownership fund derived from increased taxation of out-of-state investors purchasing single-family homes.

  • Engage with Minnesota Housing on:

    • Community Stabilization Program eligibility for affordable ownership projects

    • Implementation of the Homeownership Investment Grants program

    • Timing and structure of funding disbursement processes

    • Improvements to capital access for acquisition, rehab, and resale pipelines

SUPPORT (Priorities led by partner organizations where HOM provides alignment, reinforcement, and advocacy as appropriate)

  • Maintain appropriations for Homeownership Education Counseling and Training (HECAT). Appropriations provide much-needed foreclosure prevention counseling to preserve affordable homeownership, homebuyer pre-purchase 1-on-1 counseling, and homebuyer education.

  • Maintain funding for the Family Stabilization Plan, a financial literacy and homebuyer counseling program specifically designed to reach BIPOC households.

  • Maintain affordable homeownership production investments through:

    • Challenge Fund

    • Workforce and Affordable Homeownership Program

    • Housing Infrastructure Bonds

  • Monitor the effectiveness of the Minnesota Mortgage Interest Rate Income Tax Reduction in expanding affordable homeownership.

  • Monitor outcomes of the Property Insurance Task Force.

  • Monitor Homeowners Association reform efforts led by the Minnesota Homeownership Center.

  • Community-based First Generation Down Payment Assistance Program

  • Monitor the Community Land Trust Coalition’s effort to expand the 4D tax rate of .25 to Community Land Trust properties