This bill proposes the establishment of funding for The Heights housing development in St. Paul through the housing infrastructure program. It outlines a comprehensive plan for the development, which includes 899 affordable and workforce apartment homes and 147 habitat single-family homes. The bill specifies that the funding will amount to $49 million for the apartment homes and $23.6 million for the single-family homes, sourced from general fund appropriations and housing infrastructure bonds for fiscal years 2024 to 2027. It also sets forth detailed definitions and conditions regarding income limits for potential residents, the construction schedule, and the terms under which loans will be provided to developers.

Additionally, the bill mandates that the agency responsible for the funding must report annually to the legislature on the implementation status of the project, with a final report due once the project is completed. The agency, in collaboration with the city, port authority, and lead developer, is required to create a memorandum of understanding to ensure effective implementation of the project. The bill also includes provisions for adjusting the number of homes and funding amounts based on changing economic conditions, while ensuring that the rights and responsibilities of all parties involved remain intact even if the section is repealed in the future.