Purpose of the Bill

The purpose of this bill is to allocate funds to support housing initiatives in Minnesota. Specifically, it aims to provide financial support to the Rondo Community Land Trust to help people buy homes.

Main Provisions

• The bill allocates $11,500,000 from the state’s general fund for the fiscal year 2026.
• The money is designated as a grant to the Rondo Community Land Trust.
• The funds must be used to establish a home buyer initiative pilot program.
• The initiative is aimed at making home purchases affordable for households with an adjusted income at or below 115% of the area median income, as defined by the U.S. Department of Housing and Urban Development (HUD).

Significant Changes to Existing Law

• This legislation represents a new financial allocation for a specific housing initiative and does not indicate any changes to existing housing laws. It is described as a onetime appropriation, indicating it is a standalone funding effort rather than an ongoing initiative.

Relevant Terms

Rondo Community Land Trust, housing, appropriation, home buyer initiative, pilot program, area median income, HUD, Minnesota Housing Finance Agency, general fund.