Governor Tim Walz and progressives in the Minnesota House and Senate passed and signed a budget into law, making historic investments in housing!
The budget will fund housing projects in Minnesota for the next two years. It includes a wide range of measures to keep housing affordable, prevent homelessness, and secure housing for the next generation of Minnesota families and workers. And that’s just the beginning.
Here are four major takeaways that you need to know about this historic budget:
- The budget makes historic investments in affordable housing.
More than 260,000 Minnesota households were estimated to be cost-burdened by rent prices in 2021. But, Minnesota progressives are tackling the issue head-on, starting with rental support for an additional 5,000 Minnesota families every year and a massive expansion of a housing voucher program for low-income families.
The budget also includes funding to rehabilitate and preserve existing affordable housing to preserve affordable housing options across the state.
And progressives prioritized partnering with non-profit organizations like Habitat for Humanity by allocating funds to help build new affordable homes, not just rental properties.
- First-time home buyers and people of color will be a priority.
Minnesota has one of the nation’s worst homeownership racial gaps and is long overdue for change. The new budget includes significant funding to increase homeownership opportunities for first-time buyers and people of color.
Among the efforts to help low- and moderate-income Minnesotans buy homes, 75% of the funding prioritizes first-generation homebuyers.
- Minnesota will see extraordinary investments in homelessness prevention and housing stability.
Progressives championed unprecedented measures to curb homelessness and ensure every Minnesotan has a safe home to lay their heads down to sleep each night.
The budget includes measures to prevent youth homelessness, a build-out of our state’s rental assistance program, and an expansion of Minnesota’s supportive housing program, which helps people who are homeless or have experienced homelessness maintain stable housing while pursuing employment or education opportunities.
- New laws pave the way for generations of homeowners to come.
In addition to the two-year budget allocations, Minnesota progressives also championed laws to help secure affordable housing funding for the years to come. These new pathways will secure yearly revenue to help build new affordable housing units, increase affordable housing options in greater Minnesota, and provide housing for our growing workforce.
Minnesota is stronger when everyone has a home.
Seeing what can be achieved under progressive leadership has truly been inspiring. We can’t wait to see how these housing efforts will help to build the strong, healthy communities our families, children, and workers deserve.
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