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On Thursday, HF 1538 passed the Minnesota Senate with a bi-partisan vote of 61-3 on the Senate Floor. The bill provides common-sense changes aimed at increasing the available inventory of multi-family housing, which serve as an onramp to homeownership for many Minnesota families.
HF 1538 presents several common-sense provisions which will restore confidence in Minnesota’s multi-family housing segment, which is substantially under-performing due to litigation risks for developers, designers, lenders, and insurers. This has impacted the most affordable home options and is damaging our housing market in cities across Minnesota. This is illustrated by the following:
Helps address the challenges facing multi-housing ownership opportunities by proposal several common-sense changes:
The bill has a number of differences when compared to the version which passed the House of Representatives with a strong 108 bipartisan votes. These differences will likely be reconciled in a conference committee as the legislature moves towards its Monday night adjournment deadline.