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HF 4362

as introduced - 90th Legislature (2017 - 2018) Posted on 04/16/2018 04:46pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 04/16/2018

Current Version - as introduced

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A bill for an act
relating to housing; providing for a residential rental project at Fort Snelling Upper
Post; proposing coding for new law in Minnesota Statutes, chapter 474A.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [474A.22] FORT SNELLING NATIONAL LANDMARK
REDEVELOPMENT.
new text end

new text begin Subdivision 1. new text end

new text begin Fort Snelling bonding authority allocation. new text end

new text begin Notwithstanding any law,
rule, or policy to the contrary, the commissioner may reserve bonding authority allocated
to the Minnesota Housing Finance Agency entitlement allocation during allocation year
2019 or 2020 for issuance of residential rental project bonds for purposes of the rehabilitation
and renovation of the Fort Snelling Upper Post as a qualified residential rental project as
provided in this section and section 474A.047. The qualified residential rental project shall
be required to enter into a minimum 25-year agreement with the issuer to provide the
applicable rental rates and incomes. The commissioner shall determine the needed amount
of such bonding allocation to qualify for low-income housing tax credits for the project, as
selected by the commissioner of natural resources, and may provide a preliminary resolution
to allocate such bonds over one or two years to allow the applicable developer to obtain
necessary historical and other approvals and be assured of available bond allocation.
new text end

new text begin Subd. 2. new text end

new text begin Issuance; other issuer. new text end

new text begin The commissioner may either issue the obligation
directly or may allocate the bonds under subdivision 1 to a suitable other issuer to issue the
obligations. Any such suballocation shall be subject to an agreement that provides for the
timing, process, and use for such bonds. Any other issuer receiving this allocation shall be
authorized to act as the issuer regardless of the geographical area of the other issuer. In no
event shall the bonds issued under this section be guaranteed as to payment by the state or
the other issuer.
new text end

new text begin Subd. 3. new text end

new text begin Failure to permanently issue. new text end

new text begin In the event the bonds reserved or allocated
under this section are not permanently issued by December 1, 2019, or December 1, 2020,
the bonding authority shall be allocated to the Minnesota Housing Finance Agency for
issuance for a qualified residential rental project. The commissioner may utilize the bonds
allocated under this section for an alternative use, consistent with this chapter, in the event
the commissioner determines no project at the Fort Snelling Upper Post will proceed in a
timely fashion.
new text end

new text begin Subd. 4. new text end

new text begin Low-income housing tax credits. new text end

new text begin In the event of issuance of the bonds as
provided herein for a qualified residential rental project, notwithstanding any law, rule, or
policy, the Minnesota Housing Finance Agency shall approve the project for low-income
housing tax credits subject to only the minimum requirements as required under section 42
of the Internal Revenue Code, as amended, and shall be deemed meeting the qualified
allocation plan in effect at that time. Any such approval shall be timely granted to allow the
project to proceed.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end