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 establishes fund councils to oversee these funds and requires them to submit reports on their activities.

Furthermore, the bill creates the Community and Household Stability Council and the Homeownership Opportunity Council, which will include appointed members from the legislature, housing agencies, and community organizations. These councils will advise on the implementation of the respective funds, develop strategic plans, and make recommendations for appropriations, with a focus on engaging impacted communities. The councils are also tasked with ensuring accountability through audits and regular reporting to the legislature. Key provisions include the requirement for strategic plans with measurable outcomes, adherence to prevailing wage requirements for contracts funded by the rental opportunity fund, and a diverse representation of stakeholders in council appointments. The bill is contingent upon the adoption of a related constitutional amendment and is set to take effect on July 1, 2027.