The proposed bill establishes new requirements for multifamily residential developments in cities within Minnesota, codified under Minnesota Statutes, chapter 462. It defines key terms such as "affordable housing development," which requires a minimum percentage of units to be affordable based on income levels, and outlines the conditions under which multifamily developments are permitted. Specifically, these developments must comply with municipal zoning standards and can be constructed in any zoning district that allows commercial use, with certain exceptions for industrial zones. The bill also mandates that cities cannot impose height requirements below specified limits and restricts parking requirements near major transit stops.

Additionally, the bill introduces provisions for affordable housing developments to exceed maximum dimensional standards as a zoning density bonus, allowing for increased building height and unit density. An administrative review process is required for applications that meet the bill's criteria, ensuring that approvals are not contingent on factors unrelated to public health and safety or the goal of increasing affordable housing supply. The bill also clarifies that it does not override existing state or federal laws protecting certain areas, and it will take effect on June 1, 2025.