MN Gov Signs $1 Billion Housing Bill
ST. PAUL (WJON News) - Calling it the largest single housing investment in state history, Minnesota Governor Tim Walz signed the $1 billion housing omnibus bill Monday.
The bill is designed to build new housing across the state, reduce homeownership disparities, and expand access to rental assistance.
As one of the largest costs for families and most foundational human needs, our Administration is making a generational investment in housing. Housing is central to growing our workforce and ensuring Minnesotans’ health, safety, and financial security. Whether it’s building new housing infrastructure, providing rental assistance, or ensuring homeownership is an option for all Minnesotans, this bill will have a historic impact on the quality of life in Minnesota and move us towards becoming the best state to raise a family.
The bill’s funding includes:
- $200 million for down payment assistance programs. This includes $150 million for first-generation down payment assistance.
- $200 million for housing infrastructure investments.
- $95 million for the Economic Development and Housing Challenge Program to support new workforce housing.
- $40 million to support workforce housing and infrastructure in Greater Minnesota.
- $45 million for homelessness prevention in addition to the $50 million that Governor Walz signed into law on March 31.
- Creates permanent funding for housing needs across the state.
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