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St. Paul, Minn. (AP)

Minn. bill sets aside money for affordable housing

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A House panel hears legislation Wednesday that would use a slice of home sale taxes to build affordable housing.

The bill from Rep. Paul Marquart of Dilworth anticipates that the state will collect more mortgage registry and deed taxes in the coming years as the housing market mends.

His proposal would capture the increased collections starting in 2012 to help the Minnesota Housing Finance Agency reach a goal of creating 1,000 new affordable housing units each year.

The housing agency could use the money to pay debt service for housing projects.

(Copyright 2010 by The Associated Press. All Rights Reserved.)