The bill appropriates $10,000,000 from the general fund to the Minnesota Housing Finance Agency for grants to local housing trust funds in fiscal year 2024. This funding aims to incentivize local contributions to housing initiatives, with grants available to local housing trust funds established under Minnesota Statutes, section 462C.16. Eligible grantees can receive a grant equal to 100% of public revenue committed to their local housing trust fund, up to $150,000, and an additional 50% for amounts exceeding $150,000 but not more than $300,000. Furthermore, $100,000 of the appropriation is designated for technical assistance grants, capped at $5,000 each, to support local and regional housing trust funds.

Grantees are required to utilize the funds within eight years for purposes authorized under Minnesota Statutes, section 462C.16, subdivision 3, specifically benefiting households with incomes at or below 115% of the state median income. Any unspent grant funds must be returned to the commissioner of the Minnesota Housing Finance Agency for deposit into the housing development fund. The provisions of this bill will take effect on July 1, 2023.