The bill aims to enhance affordable 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 needs of individuals with disabilities and modifies the community-based first-generation homebuyers down payment assistance program, transitioning it from a pilot project to a full program administered by the Midwest Minnesota Community Development Corporation (MMCDC). The bill expands eligibility criteria, increases the maximum assistance amount, and introduces a forgivable loan structure for first-generation homebuyers. Additionally, it mandates various reports, including an annual report on the financial stability of the affordable housing industry.

Key provisions include significant appropriations for housing programs targeting American Indian housing projects, workforce housing development, and rental assistance for individuals with mental illness. The bill also introduces new reporting requirements and establishes criteria for prioritizing funding applications based on local policies that facilitate residential development. It repeals the housing support account in the special revenue fund and modifies existing statutes to enhance the agency's bonding authority and debt service appropriations. Overall, the bill seeks to create a comprehensive framework for improving housing accessibility and affordability across Minnesota.

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