On Tuesday, the House Housing Committee heard HF 177 from Rep. Myers (R), which provides a construction tax exemption for new single-family homes for first-time homebuyers. The bill was amended to only exempt the first $165,000 of construction, or about the material cost of a $500,000 home.
Mark Foster, vice president of legislative and political affairs for Housing First Minnesota, testified in favor of the bill citing a potential savings of $9,000 to $10,000 on a 1,600-square foot rambler.
“While that might not seem like a lot, keep in mind that for every $1,000 in cost savings more than 2,500 more Minnesota families could afford that home,” Foster said.
The bill, as amended, was referred to House Taxes.
The Senate Housing committee heard a presentation on the findings and recommendations of the Working Group on Common Interest Communities and Homeowners Associations (CIC/HOA).
Housing First Minnesota is working with legislators to right-size when HOAs are truly needed. The omnibus bill was introduced earlier this week and will receive a bill hearing next week.
Next Monday, Housing First and Central Minnesota Builders Association (CMBA) members will be gathering at the Capitol for the annual Housing Day at the Capitol. The group will hear from legislative leaders championing housing issues, receive a market update, and meet with their legislators to make their voices heard.
