This bill proposes an amendment to the Minnesota Constitution to increase the sales tax rate by three-eighths of one percent, effective from July 1, 2025, until June 30, 2050. The additional revenue generated will be allocated to three dedicated funds: the Homeownership Opportunity Fund, the Community and Household Stability Fund, and the Rental Opportunity Fund. Specifically, 25% of the receipts will support homeownership initiatives, another 25% will provide emergency assistance to those at risk of homelessness, and the remaining 50% will fund rental assistance and housing development. The bill also establishes councils for each fund to oversee their administration and ensure effective use of the funds to address housing needs in Minnesota.

Additionally, the bill mandates that the proposed constitutional amendment be presented to voters during the 2024 general election. It outlines the structure and responsibilities of the councils, including membership requirements, conflict of interest provisions, and the necessity for strategic planning and reporting to the legislature. Both the Homeownership Opportunity Council and the Rental Opportunity Council will manage their respective funds, develop strategic plans, and submit biennial reports to the legislature detailing expenditures and future recommendations. Key provisions include the establishment of these councils, the requirement for strategic plans with measurable outcomes, and the stipulation that council members may be compensated as outlined in existing law.