HF 1887

as introduced - 87th Legislature (2011 - 2012) Posted on 02/10/2012 12:17pm

A bill for an act
relating to housing; authorizing Minnesota Housing Finance Agency to issue
additional nonprofit housing bonds for three or more culturally specific
transitional housing and counseling facilities for exploited American-Indian,
East African, Latina, African-American, and Asian girls and women; amending
Minnesota Statutes 2010, section 462A.36, subdivisions 2, 4.

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

Section 1.

Minnesota Statutes 2010, section 462A.36, subdivision 2, is amended to
read:

Subd. 2.

deleted text begin Authorization deleted text end new text begin Authorizations new text end .

(a) The agency may issue up to
$36,000,000 of nonprofit housing bonds in one or more series to which the payments
made under this section may be pledged. The nonprofit housing bonds authorized in this
subdivision may be issued for the purpose of making loans, on terms and conditions
the agency deems appropriate, to finance the costs of the construction, acquisition,
preservation, and rehabilitation of permanent supportive housing for individuals and
families who: (1) either have been without a permanent residence for at least 12 months
or at least four times in the last three years; or (2) are at significant risk of lacking a
permanent residence for 12 months or at least four times in the last three years. The bonds
may also be issued to finance the costs of the construction, acquisition, preservation, and
rehabilitation of foreclosed or vacant housing to be used for affordable rental housing.

(b) An insubstantial portion of the bond proceeds new text begin of bonds issued under paragraph (a) new text end
may be used for permanent supportive housing for individuals and families experiencing
homelessness who do not meet the criteria of paragraph (a).

new text begin (c) In addition to the authorization in paragraphs (a) and (b), the agency may
issue nonprofit housing bonds in any principal amount, in one or more series, such that
the aggregate debt service on the bonds may be paid from the appropriation made in
subdivision 4, paragraph (c). Bonds issued under this paragraph may only be used to make
three or more grants, on terms and conditions the agency deems appropriate, to finance
the costs to acquire, prepare a site for, predesign, design, construct or renovate, furnish,
and equip three or more facilities in the metropolitan area that will provide culturally
specific transitional housing and services to American-Indian, East African, Latina,
African-American, or Asian girls and women to provide them protection from and the
means to escape exploitation and trafficking.
new text end

Sec. 2.

Minnesota Statutes 2010, section 462A.36, subdivision 4, is amended to read:

Subd. 4.

Appropriation; payment to agency or trustee.

(a) The agency must
certify annually to the commissioner of management and budget the actual amount of
annual debt service on each series of bonds issued under subdivision 2 new text begin , subject to the
limitations in paragraphs (b) and (c) new text end .

(b) Each July 15, beginning in 2009 and through 2031, if any nonprofit housing bonds
issued under subdivision 2 new text begin , paragraph (a) or (b), new text end remain outstanding, the commissioner of
management and budget must transfer to the nonprofit housing bond account established
under section 462A.21, subdivision 32, the amount certified under paragraph (a), not to
exceed $2,400,000 annually. The amounts necessary to make the transfers are appropriated
from the general fund to the commissioner of management and budget.

(c) new text begin Each July 15, beginning in 2013 and through 2035, if any bonds issued under
subdivision 2, paragraph (c), remain outstanding, the commissioner of management and
budget must transfer to the nonprofit housing bond account established under section
462A.21, subdivision 32, the amount certified in paragraph (a), not to exceed $.......
annually. The amounts necessary to make the transfers are appropriated from the general
fund to the commissioner of management and budget.
new text end

new text begin (d) new text end The agency may pledge to the payment of the nonprofit housing bonds the
payments to be made by the state under this section.