The proposed bill establishes new requirements for multifamily residential developments in cities within Minnesota, codified under Minnesota Statutes, chapter 462. It defines "affordable housing development" and sets criteria for such developments, including the requirement that at least 20% of units be affordable to households earning no more than 50% of the area median income, or 40% for those earning no more than 60%. The bill mandates that these developments must be permitted in any zoning district that is not industrial or agricultural, and outlines specific conditions regarding proximity to transportation infrastructure, compliance with comprehensive plans, and applicable zoning standards.

Additionally, the bill introduces an administrative review process for building permit applications, requiring cities to approve or deny applications within 60 days, with the stipulation that failure to do so results in automatic approval. It also limits parking requirements to one off-street space per residential unit and allows affordable housing developments to exceed certain height and density restrictions. Notably, the bill prohibits cities from imposing more restrictive standards than those outlined in the bill, particularly for developments funded with local funds or located in special districts. The provisions of this bill are set to take effect on January 1, 2025.