MN HF4245

Appropriates $9,000,000 from bond proceeds to the Commissioner of Employment and Economic Development for a grant to the Hennepin County Regional Railroad Authority to acquire and develop housing in a federally designated Opportunity Zone along West Broadway Avenue in Minneapolis.

Requires the project to be developed in cooperation with Pro Forma Advisors, a nonprofit organization, and must promote transit-oriented development with mixed uses and environmental sustainability features.

Mandates support for capacity building among real estate development teams that include Black, Indigenous, and People of Color ownership and management.

Requires construction of at least 100 new housing units with a minimum of three bedrooms per unit, affordable to households earning at or below 50 percent of the area median income.

Authorizes the Commissioner of Management and Budget to sell and issue state bonds up to $9,000,000 to fund the appropriation, effective the day following final enactment.