On May 15, 2023, Governor Walz signed the $1.065 billion housing omnibus bill, the largest single investment in housing in state history.
Other legislation will provide nearly $250 million more to the Agency for a total of $1.313 billion. Overall, the Legislature delivered on the priorities laid out in the Governor’s $1.152 billion January budget and bonding recommendations.
The housing bill is an increase of $950 million from base budget ($115 million) with an estimated $625 million to existing programs and $440 million to over 15 new programs or activities. This budget responds to the range of housing needs felt by Minnesotans in all regions of the state, while focusing on closing disparities, assisting lowest-income Minnesotans and serving underserved geographies.
The bill addresses critical housing needs facing the state:
- Rental and homeownership
- New construction and preservation
- Deeply affordable housing and market-rate housing in Greater Minnesota
- Homelessness prevention and homeownership development
- Rental assistance and downpayment assistance