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HF 344

as introduced - 87th Legislature (2011 - 2012) Posted on 02/03/2011 10:39am

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

Current Version - as introduced

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A bill for an act
relating to capital investment; appropriating money for rehabilitation of public
housing; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin MINNESOTA HOUSING FINANCE AGENCY.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $10,000,000 is appropriated from the bond proceeds
fund to the Housing Finance Agency for transfer to the housing development fund to
finance the costs of rehabilitation to preserve public housing under Minnesota Statutes,
section 462A.202, subdivision 3a. For purposes of this section, "public housing" means
housing for low-income persons and households financed by the federal government and
owned and operated by the public housing authorities and agencies formed by cities and
counties. Eligible public housing authorities must have a public housing assessment
system rating of standard or above. Priority must be given to proposals that maximize
federal or local resources to finance the capital costs. The priority in Minnesota Statutes,
section 462A.202, subdivision 3a, for projects to increase the supply of affordable housing
and the restrictions of Minnesota Statutes, section 462A.202, subdivision 7, do not apply
to this appropriation.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $10,000,000 in the manner, upon the terms, and with
the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the
Minnesota Constitution, article XI, sections 4 to 7.
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