Legislature Prioritizes Homeowners & Communities
Thank you Legislative Leaders!
The 2017 legislative session has concluded and we are pleased to report that homeowners won big!
During the session, a collection of proposals were brought forward to encourage first-time homebuyer opportunities and to create housing affordability for all. With numerous major proposals working their way through the process, it took dedicated housing champions to manage these bills and promote the homeownership opportunities. We are heartened by the support from leaders at the legislature who have become our partners in growing the housing movement.
First-Time Homebuyer Savings Account: Encourages Minnesotans to save more of their own money by providing tax deductions and incentives to help achieve the dream of owning a home. The plan applies to first-time homebuyers and those re-entering the housing market, if they have not owned a home with in three years.
Condo-Townhome Ownership: A healthy housing market includes a wide variety of options to meet the needs present in the market. Condos and townhomes represent a key segment of the marketplace and face serious challenges. Barriers to developing more owner-occupies condos and townhomes were removed.
Government Transparency: Minnesota law previously allowed a municipality to enact, without notice of a public hearing, a development moratorium that suspends a property owner's right to use property for up to one year. Now property owners must be notified of any proposed housing moratorium to limit the use of their property, and provided an opportunity to raise objections or concerns at a public hearing.