The bill establishes the Blue Line Light Rail Transit Extension Antidisplacement Community Prosperity Program, aimed at preserving affordable housing, supporting small businesses, and enhancing economic vitality in neighborhoods along the Blue Line light rail transit extension corridor. It creates a new board, the Antidisplacement Community Prosperity Program Board, responsible for administering the program, reviewing proposed expenditures, and ensuring that funds are allocated for qualifying purposes such as affordable housing, small business support, public space enhancements, and job training. The board will also submit annual reports detailing programming impacts and expenditures.

Additionally, the bill appropriates $10 million for fiscal years 2024 and 2025 from the general fund to Hennepin County for the program's administration, with a base funding of $10 million for subsequent years. The program and the board are set to expire on June 30, 2030. The board will consist of various appointed officials and community representatives, and it is required to meet regularly to review and approve funding applications. The bill emphasizes the importance of securing matching funds from nonstate sources for any proposed expenditures.