Homeownership opportunity fund establishment, community and household stability fund establishment, rental opportunity fund establishment, increasing the sales and use tax rate by three-eighths of one percent, appropriating money to deposit in the funds, councils establishment to direct fund expenditures

This bill creates three new state funds to support housing stability in Minnesota, including a Homeownership Opportunity Fund, a Rental Opportunity Fund, and a Community and Household Stability Fund. To finance these programs, it proposes increasing the state sales and use tax rate by three-eighths of one percent, with the collected revenue directed into these accounts. The legislation establishes councils to oversee how the money is spent, ensuring that funds are used for emergency assistance, legal services, shelter operations, and the construction or rehabilitation of housing for those at risk of homelessness. Additionally, the bill mandates that projects funded by these sources must adhere to prevailing wage requirements similar to those for state construction projects.