The bill establishes the Blue Line Light Rail Transit Extension Antidisplacement Community Prosperity Program, aimed at preserving and enhancing affordable housing, supporting small businesses, providing job training, and fostering economic vitality in communities along the Blue Line light rail transit extension corridor. The program is defined in new legal language, which includes specific purposes for the use of allocated funds, such as affordable housing development, small business support, community ownership, public realm enhancement, and job training initiatives. A governing board composed of representatives from Hennepin County, the city of Minneapolis, and other local entities will oversee the program, ensuring that expenditures comply with the established requirements and that they receive matching funding from nonstate sources.

Additionally, the bill appropriates $10 million for fiscal years 2024 and 2025 from the general fund to support the program, with the funding available until June 30, 2025. The base funding for subsequent years is set at $10 million annually. The program is set to expire on June 30, 2030, and requires an annual report to be submitted to legislative committees detailing program activities, fiscal reviews, and impact analyses. The effective date for the provisions of this bill is the day following its final enactment.