Bill > SF2264

This bill requires cities receiving local government aid to dedicate a specific portion of their aid to improving housing built before 1940. Under the proposed legislation, cities will calculate their dedicated housing improvement funds by multiplying their pre-1940 housing percentage (as defined in existing law) by their total city formula aid amount. These funds can be used for urban renewal projects focused on older housing, such as updating utilities, infrastructure, electrical systems, plumbing, insulation, heating, cooling, and efficiency systems. Cities can use the dedicated funds directly for improvements or provide grants or low-interest loans to property owners. If the calculated amount is less than $100, the city is not required to allocate any funds. The bill specifies that these housing improvement funds are supplemental to any existing housing program funding from other sources, and the requirement will take effect for aid payments in calendar year 2025 and subsequent years. This legislation aims to support the preservation and modernization of older housing stock in Minnesota cities.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2264&ssn=0&y=2025