HF 1637

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:53am

A bill for an act
relating to housing finance; changing the amount of nonprofit housing bonds
the Minnesota Housing Finance Agency may issue; dedicating a portion of
bonds issued to permanent supportive housing for victims of human trafficking;
amending Minnesota Statutes 2008, section 462A.36, subdivisions 2, 4.

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

Section 1.

Minnesota Statutes 2008, section 462A.36, subdivision 2, is amended to
read:

Subd. 2.

Authorization.

(a) The agency may issue up to deleted text begin $30,000,000 deleted text end new text begin $....... new text end 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.

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

Sec. 2.

Minnesota Statutes 2008, section 462A.36, subdivision 4, is amended to read:

Subd. 4.

Appropriation; payment to the agency or trustee.

(a) The agency must
certify annually to the commissioner of finance the actual amount of annual debt service
on each series of bonds issued under subdivision 2.

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

(c) The agency may pledge to the payment of the nonprofit housing bonds the
payments to be made by the state under this section.

Sec. 3. new text begin HOUSING FOR VICTIMS OF HUMAN TRAFFICKING.
new text end

new text begin Up to $....... of bonds issued under Minnesota Statutes, section 462A.36, must be for
permanent supportive housing for persons who are victims of human trafficking who meet
the requirements under Minnesota Statutes, section 462A.36, subdivision 2. At least one
of the housing projects under this section must provide permanent supportive housing to
American Indians who are victims of human trafficking.
new text end