With new budget forecast, Minnesota must invest in home
SAINT PAUL, MN, February 27, 2023 – As hundreds of thousands of Minnesota families, seniors, children, and workers struggle with housing instability and a lack of deeply affordable housing across the state, the new budget forecast shows we have the resources available to solve it.
With a newly projected $17.5 billion surplus, it is clear the state has the money to tackle our housing crisis. Historically, the state has only invested less than half a percent out of the entire state budget toward home. Meanwhile, 215,000 households across every county in the state are held back from the promise of a decent life because they can’t afford the rent. And more join that number every month.
With ample resources, a growing need, and a clear return on investment, it’s absurd that Minnesota’s investment in home isn’t already larger. We can’t wait another moment when so much is on the line.
By investing $2 billion in housing this year we could end child and family homelessness, reduce the homeownership racial equity gap, and bring housing stability to families across the state.
The centerpiece of this investment is creating state rental assistance. Beacon Interfaith Housing Collaborative and allied organizations are working closely with Rep. Michael Howard, the Chair of the House Housing Policy and Finance Committee, and Sen. Zaynab Mohamed on the Bring it Home, Minnesota bill, HF11/ HF1255/SF11. This transformative piece of legislation would create a Minnesota rental assistance program that would provide support for all low-income renters struggling to afford their homes. (Learn more at www.bringithomeminnesota.org)
A $1 billion dollar annual investment in rental assistance would create housing stability for everyone in the state trying to get by on less than 30% of the area median income (about $31,000 a year for a family of four in the Twin Cities). A $2 billion annual investment would cover everyone at 50% of the area median income.
We know the single best way to end child poverty is ensuring they have a stable home. We can’t keep failing the thousands of kids all across Minnesota whose families will slip into homelessness this year because their parents can’t afford the rent. The cost of our inaction would be devastating.
Legislative leadership and the Governor all attended a January 18th rally and each one committed to place home at the center of their budgets. With these new resources, the opportunity is there. We must pass Bring it Home, Minnesota to stem and reverse the tide of housing instability drowning renters. Minnesota families, seniors, children, and workers can’t afford anything less.
