The Housing Finance and Policy Committee heard an overview of Governor Walz’s housing proposal this week. In total, Governor Walz invests $225.5 million in housing over the base budget. The need for affordable housing is significant across the state to retain workers and to increase access to safe affordable housing. The significant unmet need in housing is hampering economic growth in the state on many levels – from senior housing to meeting the demands of our workforce.
Details of his budget proposal are as follows:
Build and Preserve More Homes
- Economic Development and Housing Challenge Program (EDHC) – $25 million
- Greater Minnesota workforce development – $10 million
- Workforce and affordable homeownership – $12 million
- Community stabilization – $100 million
- Flexible financing for capital costs – $10 million
Support and Strengthen Homeownership
- Homeownership assistance fund – $12 million
Increase Housing Stability
- Homework Starts with Home expansion – $10 million
- Family Homeless Prevention and Assistance Program (FHPAP) – $19.5 million
- Landlord risk mitigation – $5 million
- Housing trust fund – $10 million
- Strengthen the supportive housing model – $12 million
