MINNEAPOLIS – Yesterday, Governor Tim Walz announced he was including $200 million in Housing Infrastructure Bonds and $60 million in General Obligation Bonds for the Public Housing Rehabilitation Program in his Local Jobs and Projects Plan – the first piece of his 2020 capital investment proposal.
“Investing in housing is investing in people. I am pleased that Governor Walz is investing in people with this plan,” said Senator Kari Dziedzic (DFL-Minneapolis). “Stable, safe, affordable housing improves health and education outcomes and that helps people, local communities, and Minnesota’s economy.”
The proposal will authorize the Minnesota Housing Finance Agency to sell $200 million in Housing Infrastructure Bonds that could be used to preserve low income housing; to acquire, rehabilitate, or construct permanent supportive housing; or to acquire land that will be held in community land trusts for single-family home ownership.
The Governor’s Task Force on Housing stated Minnesota is short of approximately 50,000 homes across the state. The affordable housing shortage’s biggest impact is on families making around $24,000 a year.
Additionally, $60 million in General Obligation Bonds for Public Housing Authorities across the state would help reduce the $350 million backlog on critical maintenance and repairs needed, including adding life safety measures such as sprinkler systems. Five people died in a Minneapolis Public Housing Building that did not have sprinklers in November 2019.
“This funding will save lives,” said Sen. Dziedzic. “I look forward to working with Governor Walz and my colleagues to pass this plan and provide some stability & economic opportunity for families and communities. There is no place like home.”