This bill proposes an amendment to the Minnesota Constitution to increase the sales tax rate by three-eighths of one percent, effective from July 1, 2027, until June 30, 2052. The additional revenue generated will be allocated to three dedicated funds: the homeownership opportunity fund, the community and household stability fund, and the rental opportunity fund. Specifically, 25% of the receipts will support homeownership initiatives, another 25% will provide emergency assistance to those at risk of homelessness, and the remaining 50% will fund rental assistance and housing development. The bill also establishes fund councils to oversee these funds and mandates regular reporting to the legislature.

In addition to the constitutional amendment, the bill outlines statutory changes to create the community and household stability fund and the homeownership opportunity fund, detailing their purposes, allowable expenditures, and governance structures. Each fund will have a council composed of various stakeholders, including legislative representatives, housing agencies, and community organizations, ensuring diverse input in decision-making. The councils will be responsible for developing strategic plans, recommending appropriations, and reporting on fund activities to the legislature, thereby enhancing accountability and transparency. Key provisions include the establishment of both councils, the requirement for strategic plans with clear goals, and the mandate for regular reporting to legislative committees, with the effective date contingent upon voter approval of the constitutional amendment.