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 provides a policy framework for the targeted stabilization of regulated affordable housing, repeals the housing support account in the special revenue fund, and mandates various reports, including an annual report on the financial stability of the affordable housing industry.

Key provisions include detailed appropriations for specific housing programs, such as the economic development and housing challenge program, the greater Minnesota workforce housing development program, and the family homeless prevention and assistance program. The bill establishes criteria for prioritizing funding applications based on local policies that facilitate residential development and requires the commissioner to hold an annual meeting with the Interagency Council to End Homelessness and local governments to discuss regional housing needs. Additionally, it expands eligibility criteria for the down payment assistance program, increases the maximum assistance amount, and outlines a forgivable loan structure, all aimed at improving the supply and accessibility of affordable housing across Minnesota.

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