Purpose of the Bill

The purpose of the bill is to provide financial support for affordable housing initiatives in Minnesota by granting funds to the Rondo Community Land Trust. This funding is intended to support a homebuyer initiative pilot program.

Main Provisions

• Funding Amount: The bill appropriates $11,500,000 from the general fund for the fiscal year 2026.
• Recipient: The grant is provided to the Rondo Community Land Trust.
• Use of Funds: The money must be used specifically for a homebuyer initiative pilot program.
• Income Eligibility: The program is targeted at households with an adjusted income at or below 115% of the area median income, as determined by the United States Department of Housing and Urban Development.
• Nature of Appropriation: This funding is a one-time appropriation.

Significant Changes

• The bill introduces a specific allocation of state funds to support housing affordability through direct grants to a community organization, targeting households with specified income levels.

Relevant Terms

• Rondo Community Land Trust
• Homebuyer initiative pilot program
• Affordable housing
• General fund
• Area median income
• United States Department of Housing and Urban Development (HUD)