- Created: Tuesday, 17 December 2019 12:28
- Written by Andy Birkey
While the legislative session is still more than a month away, MHP has already been meeting with lawmakers, legislative staff, and other affordable housing advocates to garner support for our 2020 policy agenda.
That agenda includes:
- $500 million in bonds to create more deeply affordable housing
- An Affordable Housing Tax Credit to harness available private capital to create more housing opportunities by filling affordability gaps
- State support for local communities to establish and grow Local Housing Trust Funds through a state funding match program
Because 2020 is a bonding year at the Capitol, MHP along with our coalition partners will be pushing for $500 million in bonds to create more affordable housing. $500 million is the largest bonding request for housing in state history, and we are partnering with the Homes for All Coalition to get it done in 2020.
MHP also seeks $25 million annually for the Affordable Housing Tax Credit. More than 60 organizations in Minnesota have endorsed the tax credit (view the list of endorsers and find out how to endorse). This innovative new tool encourages local businesses and neighbors to invest in their community by creating housing opportunities. Because the private market is not supplying housing that is affordable to working people in Minnesota, a public private partnership is the best way to ensure an adequate supply of housing. The Affordable Housing Tax Credit incentivizes private investment and promotes community and economic development.
Local Housing Trust Funds (LHTF) are funds established by a local government by dedicating local public revenue for housing. They are a consistent, flexible resource for housing within a local jurisdiction. Trust funds help communities leverage public and private resources and jumpstart projects that draw investment and jobs. LHTFs enable communities to prioritize developments that maximize benefit to the local community.
Across the country, state investments are proven to motivate communities to create and resource LHTFs. MHP is seeking a $10 million state investment in a match program to jump-start LHTFs across the state, and give communities the flexibility to respond to housing needs.
Please join MHP's Policy Team as they provide an update on MHP's legislative agenda and insight into the 2020 session. Click here to register.
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