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 do not apply to this appropriation, allowing for greater flexibility in funding allocation.

To facilitate this appropriation, 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 existing Minnesota statutes and the state constitution. The bill specifies that it will take effect the day after it is enacted.