Housing and redevelopment agencies utilizing certain long-term equity investment authority authorization and qualifying government investment types modifications

This bill allows housing and redevelopment agencies in Minnesota to invest their funds in specific types of long-term equity investments, including index mutual funds and shares of companies focused on local multifamily housing development. The legislation modifies existing state investment rules to expand the range of approved investment options while requiring agencies to adopt formal resolutions acknowledging the risks involved before making any investments. Local government bodies must also certify that funds designated for investment meet all state requirements and established policies. The changes take effect immediately upon final enactment of the bill.