HF 2238

as introduced - 89th Legislature (2015 - 2016) Posted on 04/17/2015 09:33am

A bill for an act
relating to capital investment; authorizing housing infrastructure bonds to finance
affordable owner-occupied housing under the HOME pilot project; appropriating
money; authorizing the sale and issuance of state bonds; amending Minnesota
Statutes 2014, section 462A.37, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2014, section 462A.37, is amended by adding a
subdivision to read:

new text begin Subd. 6. new text end

new text begin 2015 authorization; appropriation. new text end

new text begin (a) In addition to any other amounts
authorized in this section, the agency may issue up to $60,000,000 of housing infrastructure
bonds in one or more series to which the payments made under this section may be pledged.
new text end

new text begin (b) The housing infrastructure bonds authorized in this subdivision may be issued
to fund loans, on terms and conditions the agency deems appropriate, to finance the
costs of acquisition, rehabilitation, adaptive re-use, or new construction of affordable
owner-occupied housing under the Housing Opportunities Made Equitable (HOME) pilot
project, authorized in Laws 2014, chapter 188, section 4.
new text end

new text begin (c) 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 paragraph (a).
new text end

new text begin (d) Each July 15, beginning in 2016 and through 2038, if any housing infrastructure
bonds issued under paragraph (a) remain outstanding, the commissioner of management
and budget must transfer to the housing infrastructure bond account established under
section 462A.21, subdivision 33, the amount certified under paragraph (b), 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 (e) The agency may pledge to the payment of the housing infrastructure bonds the
payments to be made by the state under this section.
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