The bill appropriates $2,500,000 from the general fund for fiscal year 2023 to the commissioner of the Housing Finance Agency. This funding is designated for a grant to Riverfront Development Partners to acquire and develop a parcel located at 1300 West Broadway Avenue in Minneapolis, along with adjacent parcels. The development must include at least 70 new housing units, with a requirement that at least 60 percent of these units be affordable to households earning at or below 60 percent of the area median income. The appropriation is a one-time allocation and will be available until June 30, 2025.

Additionally, the bill includes a provision stating that it will take effect the day following its final enactment. This legislative action aims to support mixed-use development in the area while ensuring a significant portion of the housing created is affordable for lower-income households.