The bill appropriates $100,000,000 from the bond proceeds fund to the Minnesota Housing Finance Agency for the purpose of rehabilitating public housing, which is defined as housing for low-income individuals and families that is federally financed and publicly owned. The agency is encouraged to prioritize proposals that leverage additional federal or local resources and focus on health, safety, and energy improvements. Notably, the usual priorities and restrictions related to affordable housing supply and project limitations under Minnesota Statutes are not applicable to this appropriation.

To fund this initiative, the commissioner of management and budget is authorized to sell and issue state bonds up to the amount of $100,000,000, following the procedures outlined in Minnesota Statutes and the state constitution. The bill specifies that it will take effect the day after it is enacted.