The bill aims to provide financial assistance for the preservation of naturally occurring affordable housing in Minnesota. It amends Minnesota Statutes 2022, section 469.012, by adding a new subdivision that allows authorities to offer various forms of financial assistance, such as grants, loans, and interest rate reductions, for capital repair or replacement projects in multi-family housing buildings. To qualify for this assistance, the project must exceed $5,000,000 in cost, involve a building where at least 25% of the units are occupied by low-income households, and have not undergone repairs or replacements in over 25 years. The bill also clarifies that assistance can be provided to both common interest communities and individual unit owners.

Additionally, the bill includes an appropriation of $3,250,000 from the general fund for fiscal year 2025 to support a major capital repair project for the Wilder Park Association, specifically for the rehabilitation of portions of an owner-occupied senior high-rise facility. This funding is designated as a one-time appropriation and is part of the broader housing infrastructure program outlined in Minnesota Statutes, section 462A.37.

Statutes affected:
Introduction: 469.012
1st Engrossment: 469.012