SF 1382

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:20am

A bill for an act
relating to housing; authorizing nonprofit housing bonds; appropriating money;
amending Minnesota Statutes 2008, section 462A.36, by adding subdivisions.

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

Section 1.

Minnesota Statutes 2008, section 462A.36, is amended by adding a
subdivision to read:

new text begin Subd. 2a. new text end

new text begin Authorization for other purposes. new text end

new text begin The agency may issue up to
$100,000,000 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 local governments and 501(c)(3) nonprofit organizations:
(1) to acquire land and to predesign, design, construct, renovate, furnish, and equip
affordable rental housing; and (2) to acquire vacant or foreclosed residential property to
renovate and sell at affordable prices. The bonds may also be issued for the purpose of
making loans to a neighborhood land trust authorized under section 462A.31, to acquire
land for affordable housing.
new text end

Sec. 2.

Minnesota Statutes 2008, section 462A.36, is amended by adding a subdivision
to read:

new text begin Subd. 5. new text end

new text begin Appropriation for other purposes; payment. new text end

new text begin (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 2a.
new text end

new text begin (b) Each July 15, beginning in 2010 and through 2032, if any nonprofit housing
bonds issued under subdivision 2a 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 $8,000,000
annually. The amounts necessary to make the transfers are appropriated from the general
fund to the commissioner of finance.
new text end

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