Minnesota Passes $1 Billion Housing Bill
May 13th, 2023
Minnesota legislators passed a $1 billion housing bill on Wednesday, which will raise the metro sales tax by 0.25%, provide rent vouchers to 5,000 households each year, and give $150 million in down payment assistance to first-generation homebuyers. The bill also includes money for housing infrastructure, naturally occurring affordable housing, greater Minnesota workforce housing development, and manufactured housing.
The bill was passed by the House of Representatives in a 76-55 vote and by the Senate in a 38-29 vote. It is now headed to Gov. Tim Walz’s desk for his signature.
“This is a historic investment in housing that will make a real difference for Minnesotans,” said Gov. Walz in a statement. “This bill will help us build more affordable homes, keep people in their homes, and make it easier for first-generation homebuyers to buy a home.”
The bill is a major victory for housing advocates, who have been calling for increased investment in affordable housing for years. The state has a severe shortage of affordable housing, with over 200,000 households paying more than half of their income on rent.
The bill is also a victory for first-generation homebuyers, who often face barriers to buying a home, such as a lack of down payment savings or a low credit score. The down payment assistance program will help these buyers overcome these barriers and achieve the dream of homeownership.
Overall, this bill is a major step forward for housing in Minnesota. It is the largest investment in housing in the state’s history, and it will help make housing more affordable and accessible for all Minnesotans.