The bill establishes the African American affordable homeownership development program under Minnesota Statutes, chapter 462A. This program aims to provide grants for homeownership and workforce development specifically targeted at African Americans. It will award funds to cities, Tribal governments, nonprofit organizations, cooperatives, and community land trusts for the development of affordable housing projects. The program's goal is to increase the availability of affordable, owner-occupied housing while utilizing African Americans in the workforce for construction and related activities.

Additionally, the bill outlines the specific uses for the grant funds, which include land acquisition, environmental cleanup, design and rehabilitation costs, construction training, and the development of affordable single-family housing. It also emphasizes the importance of supporting African American-run business and job training programs. The commissioner of housing finance is tasked with developing application procedures and guidelines for the program, ensuring that projects serve African American households earning 80 percent or less of the state median income. The bill includes an appropriation of funds for the program in fiscal year 2025.