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Director flags House File 1141 amendment, Minnesota Housing grant and Opportunity Zone status for Park Rapids
Summary
The director briefed the board on a reported change to House File 1141 that could expand HRA investment authority, a Minnesota Housing community stabilization grant with a June 23 application deadline, and recommended action to keep Park Rapids listed as an Opportunity Zone.
In the director’s report the board heard about potential new tools for local housing work and imminent grant opportunities.
The director told the board that an amendment to House File 1141 would provide additional investment authority to qualifying governments and potentially allow HRAs to invest in local multifamily development as part of public‑private partnerships. “It will allow HRAs and development authorities to be given investment authority that will allow for investment in local multifamily housing development,” the director said, adding that vetting and governance would be required.
The director also said Minnesota Housing was expected to open a community stabilization grant for acquisition, rehabilitation and resale aimed at naturally occurring affordable housing, with an application deadline of noon on June 23. “So we have about a month,” the director said, noting staff could prepare an application for board review at the next meeting if members were interested.
Finally, the director urged the board to consider submitting comments to support keeping Park Rapids designated as an Opportunity Zone in the state selection process; the program provides preferential tax treatment for qualifying investments and the director said the state will reduce the number of zones from 128 toward 74 in the next round.
Board members suggested coordinating comments with other local entities (county, HLDC, city) and asked staff to prepare a draft for the board’s next meeting.
Next steps: staff will draft a potential HF1141 follow-up and, if desired, prepare a Minnesota Housing grant application and an Opportunity Zone comment for board review at the next meeting.
