This bill modifies the existing housing infrastructure program in Minnesota by adding provisions for financial assistance aimed at preserving naturally-occurring affordable housing. Specifically, it introduces a new subdivision to Minnesota Statutes 2022, section 469.012, which allows authorities to provide various forms of financial assistance, such as grants and loans, for capital repair or replacement projects in multi-family housing buildings. To qualify for this assistance, the projects must meet certain criteria, including a minimum project cost of $5,000,000 and the requirement that at least 25 percent of the units are occupied by low-income households.

Additionally, the bill amends Laws 2023, chapter 37, article 1, section 2, subdivision 17, to allocate $3,250,000 from the second year’s appropriation for a grant to the Wilder Park Association. This funding is designated to assist with major capital repairs for the rehabilitation of portions of an owner-occupied senior high-rise facility. The bill is set to take effect the day following its final enactment.

Statutes affected:
Introduction: 469.012