This bill amends Minnesota Statutes 2024, section 462C.16, subdivision 1, to authorize housing and redevelopment authorities to establish local housing trust funds. It defines key terms related to the trust funds, including:

• Commissioner: Refers to the commissioner of the Minnesota Housing Finance Agency.
  
• Fund: Includes both local and regional housing trust funds.
  
• Local government: Covers statutory or home rule charter cities, housing and redevelopment authorities, and counties.
  
• Local housing trust fund: A fund created by a local government with dedicated sources of public revenue for housing.
  
• Regional housing trust fund: A fund administered under a joint powers agreement by multiple local governments with dedicated revenue sources for housing.
  

The bill enables local governments to establish and manage housing trust funds to support affordable housing initiatives.