Housing and Homelessness Prevention budget includes funding for rental assistance, affordable housing, and homeownership
SAINT PAUL, Minn. – A historic state investment in affordable housing is one step closer to reality thanks to passage of Senator Lindsey Port’s (DFL-Burnsville) omnibus Housing and Homelessness Prevention budget today. This investment is vital to increasing the supply of housing in Minnesota said Sen. Port, which is crucial to addressing Minnesota’s housing crisis.
“The best way to make sure Minnesotans have stable housing is to make more of it, which is exactly what our bill prioritizes,” said Sen. Port. “This historic investment will jump-start the building of affordable housing throughout the state, and is essential to getting more families into the safe and stable housing that will help them thrive.”
Minnesota currently faces the third-worst housing deficit in the nation, and much of the housing is unaffordable. Today, 590,000 households in Minnesota are currently paying more than 30% of their income on housing, and 20,000 individuals are struggling with homelessness. Sen. Port’s bill, SF 2566, dedicates much of its funding to the development and preservation of affordable housing, with additional funding for rental assistance and the First-Generation Homeownership Program to help close racial disparities in home ownership.
On a bipartisan vote of 6-2, SF 2566 was moved to the Senate Finance Committee, where it awaits its next hearing before likely moving to the Senate Floor.