Subdivision 1. Creation. The contract for deed guarantee account is created as a separate account in the housing development fund. Money in the account is appropriated to the agency for the purposes of this section. The account consists of money appropriated to the account and transferred from other sources and all earnings from money in the account.
Subd. 2. Account uses. Money in the account may be used to create a guarantee fund for the refinancing of contracts for deed.
Subd. 3. Eligible property. Contracts for deed eligible for refinancing with guarantee fund assistance must be for the purchase of an owner-occupied single-family or duplex structure. In a city of the first class in the metropolitan area, eligible properties must be located in an area in which at least one census tract meets at least three of the following four criteria:
(1) at least 70 percent of the housing structures were built before 1960;
(2) at least 60 percent of the single-family housing is owner-occupied;
(3) the median market value of the area's owner-occupied housing, as recorded in the most recent federal decennial census, is not more than 100 percent of the purchase price limit for existing homes eligible for purchase in the area under the agency's home mortgage loan program; and
(4) between 1980 and 1990, the rate of owner occupancy of residential properties in the area declined by at least five percent, or at least 80 percent of the residential properties in the area are rental properties.
The area must include eight blocks in any direction from the census tract. Priority must be given for property located in an area that meets all four criteria.
1995 c 224 s 107; 1Sp2001 c 4 art 4 s 24
Structure Minnesota Statutes
Chapters 460 - 463 — Local Government Police Powers
Chapter 462A — Housing Finance Agency
Section 462A.03 — Definitions.
Section 462A.04 — Housing Finance Agency.
Section 462A.041 — Meetings By Telephone Or Other Electronic Means.
Section 462A.05 — Specific Powers Of The Agency.
Section 462A.057 — Minnesota Urban And Rural Homesteading Program.
Section 462A.06 — General Powers Of The Agency.
Section 462A.065 — Financial Information.
Section 462A.07 — Additional Powers And Duties Of The Agency.
Section 462A.073 — Single-family Mortgage Bonds; Limitations.
Section 462A.08 — Bonds And Notes; Purposes, Terms, Approval.
Section 462A.09 — Bonds And Notes; Resolutions Authorizing, Additional Terms, Sale.
Section 462A.10 — Bonds And Notes; Optional Resolution And Contract Provisions.
Section 462A.105 — Interest Rate Exchanges.
Section 462A.12 — Bonds And Notes; Nonliability Of Individuals.
Section 462A.13 — Bonds And Notes; Purchase By Agency.
Section 462A.14 — Bonds And Notes; Nonliability Of State.
Section 462A.15 — State Pledge Against Impairment Of Contracts.
Section 462A.16 — Default In Payments; Appointment Of Trustee.
Section 462A.17 — Powers And Duties Of Trustee.
Section 462A.18 — Moneys Of Agency.
Section 462A.19 — Exemption From Taxes.
Section 462A.20 — Housing Development Fund; Creation, Sources.
Section 462A.201 — Housing Trust Fund Account.
Section 462A.202 — Local Government Unit Housing Account.
Section 462A.2035 — Manufactured Home Park Redevelopment Program.
Section 462A.204 — Family Homeless Prevention And Assistance Program.
Section 462A.2065 — Report On Loss Of Housing.
Section 462A.209 — Homeownership Education, Counseling, And Training Program.
Section 462A.2091 — Contract For Deed Guarantee Account.
Section 462A.2093 — Innovative And Inclusionary Housing Program.
Section 462A.2097 — Rental Housing.
Section 462A.21 — Housing Development Fund; Advances, Use Repayment.
Section 462A.221 — Definitions.
Section 462A.222 — Low-income Housing Credits.
Section 462A.223 — Minnesota Housing Finance Agency; Designated Agency.
Section 462A.225 — State Register Notice.
Section 462A.235 — Commissioner Of Commerce; Duties.
Section 462A.24 — Construction; Grants And Loans; Priorities.
Section 462A.29 — Interagency Coordination On Homelessness.
Section 462A.30 — Definitions.
Section 462A.31 — Community Land Trusts.
Section 462A.33 — Economic Development And Housing Challenge Program.
Section 462A.34 — Visitability Requirement.
Section 462A.35 — Minnesota Manufactured Home Relocation Trust Fund.
Section 462A.355 — Advances To Minnesota Manufactured Home Relocation Trust Fund.
Section 462A.36 — Nonprofit Housing Bonds; Authorization; Standing Appropriation.
Section 462A.37 — Housing Infrastructure Bonds; Authorization; Standing Appropriation.
Section 462A.375 — Additional Purposes, Housing Infrastructure Bonds.
Section 462A.38 — Workforce And Affordable Homeownership Development Program.
Section 462A.39 — Workforce Housing Development Program.
Section 462A.40 — Minnesota Housing Tax Credit Contribution Account.