Minnesota Realtors®: you are urged to message your state legislators to support the inclusion of key homeownership and housing affordability and supply provisions in the final version of the omnibus agriculture, housing, and broadband supplemental budget.
A new “First-Generation Homebuyers Down Payment Assistance Fund” (in the House’s bill)
initiative represents an innovative approach for delivering down-payment assistance that attempts to better meet the needs of first-generation homebuyers, reduce barriers to homeownership and reduce Minnesota’s racial homeownership gap. Minnesota Realtors®, the Minnesota Homeownership Center, and Twin Cities Habitat for Humanity proposed this initiative, and it is also supported by a diverse coalition of non-profits, local units of government, businesses and business trade associations. The House bill includes $50 million for the proposed “First-Generation Homebuyers Down Payment Assistance Fund.”
Policies that will increase housing affordability and supply
Minnesota needs more housing units. Buyers continue chasing diminishing inventory, driving up the median sales price and putting homeownership out of reach for too many Minnesotans. Minnesota needs to focus on what it can do to remove the barriers to building more new housing to meet both current and future demand.
The Senate bill includes provisions:
- Prohibiting municipalities from requiring developers utilize a planned unit development (PUD) agreement for a proposed new residential development
- Prohibiting municipalities from adopting aesthetic requirements for new residential developments.