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 and modifies the community-based first-generation homebuyers down payment assistance program, transitioning it from a pilot project to a permanent program administered by the Midwest Minnesota Community Development Corporation (MMCDC). The bill also includes significant appropriations for various housing programs, including those focused on American Indian housing projects, workforce housing development, and rental assistance. Key provisions involve the transfer of unencumbered balances from the housing support account to the general fund and the repeal of specific statutes related to housing support.

Additionally, the bill enhances reporting requirements, mandating an annual report on the financial stability of the affordable housing industry and requiring the commissioner to hold an annual meeting with the Interagency Council to End Homelessness and local governments. It establishes criteria for prioritizing funding applications for competitive development programs based on local policies that facilitate residential development. The bill expands eligibility criteria for the down payment assistance program, increases the maximum assistance amount, and outlines a forgivable loan structure. Overall, the legislation seeks to improve access to and stability of affordable housing for various populations in Minnesota, particularly those with disabilities and first-generation homebuyers.

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