This bill mandates the collection and reporting of contractor data related to projects financed by the Housing Finance Agency in Minnesota. Specifically, it requires the commissioner to gather information on contractor requirements for a certificate of compliance, as well as data on veteran-owned small businesses and LGBTQ-owned businesses, which are defined in the bill. The definition of an "LGBTQ-owned business" is specified as a business certified by the National LGBT Chamber of Commerce.

Additionally, the bill stipulates that the commissioner must submit a report by February 1 of each even-numbered year to the relevant legislative committees. This report will detail the public data collected in the previous year, including the total number and dollar amount of contracts and subcontracts for each business category mentioned. This initiative aims to enhance transparency and support for diverse business ownership in the housing finance sector.