This bill aims to enhance housing initiatives in Minnesota by establishing a budget for the Minnesota Housing Finance Agency and authorizing the issuance of housing infrastructure bonds. It creates an Accessible Housing Task Force to address the housing needs of individuals with disabilities and modifies the community-based first-generation homebuyers down payment assistance program, increasing the maximum assistance amount and changing the structure to be forgivable over five years. The bill also provides a policy framework for stabilizing regulated affordable housing, repeals the housing support account in the special revenue fund, and mandates various reports, including new reporting requirements for the commissioner regarding the financial stability of the affordable housing industry.

Key provisions include significant appropriations for housing programs aimed at supporting American Indian housing projects, workforce housing development, and rental assistance programs, with a focus on addressing disparities in homeownership rates among different racial and ethnic groups. The bill introduces new requirements for the commissioner to hold annual meetings with the Interagency Council to End Homelessness and local governments to discuss regional housing needs and funding strategies. Additionally, it establishes criteria for prioritizing funding applications based on local policies that facilitate residential development, such as allowing multifamily housing and reducing parking mandates. Overall, the bill seeks to improve housing accessibility and affordability across Minnesota, particularly for vulnerable populations.

Statutes affected:
1st Engrossment: 16A.287, 462A.43, 462A.37, 462A.07