With a $7.7 billion surplus and another $1.25M in American Rescue Plan funds, lawmakers have the opportunity to make real progress and reduce housing cost burden, improve the condition of homes, reduce home ownership disparity, and increase stability. In doing so, lawmakers will ensure children and families thrive, workers perform, businesses succeed.
Housing champions are asking for $2 billion in 2022. That includes: $1 billion to create and save homes, which would build new rental and ownership homes for 8,000 families and ensure 10,000 families can remain in their homes. $1 billion to create access and opportunity to housing would ensure over 137,000 families have the rental assistance to afford safe, quality homes and expand homeownership to roughly 5,000 first generation homeowners. The abrupt end of RentHelpMN exacerbates the urgency of providing permanent, affordable homes and the assistance to access a stable home.
All Minnesota should have a safe, secure place to call home. Minnesotans of color, particularly Black, Latino, and Indigenous, are disproportionately harmed by poor housing quality, inequitable policies, and one of the largest homeownership gaps in the nation. Investing in housing will provide stability, choice in rental for low-income renters, and homeownership and wealth-building opportunities for generations to come.