HF2335 - Housing Finance and Policy Bill Summary

• $792.1M in fiscal 2024 appropriations to Minnesota Housing Finance Agency for homeownership programs, rental assistance, affordable housing development, and supportive housing initiatives.

• Metropolitan sales tax of 0.25% established on retail sales in seven-county metro area, with revenues split 25% to state rent assistance, 25% to city housing aid, and 50% to county housing aid.

• New rental assistance program creates state rent assistance account for households earning up to 50% of area median income paying more than 30% of income on rent in metropolitan counties.

• First-generation homebuyer assistance expands down payment assistance programs with $100M appropriated, targeting households with incomes at or below 115% of area median income.

• Housing infrastructure bonding increases authority for nonprofit housing bonds ($5B ceiling) and housing infrastructure bonds with new refunding provisions and expanded uses including permanent affordable housing.