SF 1455

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to housing; providing funding for the 
  1.3             affordable rental investment fund program; 
  1.4             appropriating money. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [AFFORDABLE RENTAL INVESTMENT; APPROPRIATION.] 
  1.7      $20,000,000 is appropriated from the general fund for the 
  1.8   biennium ending June 30, 1999, for transfer to the housing 
  1.9   development fund for the affordable rental investment fund 
  1.10  program.  To the extent practicable, this appropriation shall be 
  1.11  used so that an approximately equal number of housing units are 
  1.12  financed in the metropolitan area, as defined in Minnesota 
  1.13  Statutes, section 473.121, subdivision 2, and in the 
  1.14  nonmetropolitan area. 
  1.15     (a) In the area of the state outside the metropolitan area, 
  1.16  the agency must work with groups in the funding regions created 
  1.17  under Minnesota Statutes, section 116J.415, to assist the agency 
  1.18  in identifying the affordable housing needed in each region in 
  1.19  connection with economic development and redevelopment efforts 
  1.20  and in establishing priorities for uses of the affordable rental 
  1.21  investment fund.  The groups must include the regional 
  1.22  development commissioners, the regional organization selected 
  1.23  under section 116J.415, the private industry councils, units of 
  1.24  local government, community action agencies, the Minnesota 
  1.25  housing partnership network groups, local lenders, for-profit 
  2.1   and nonprofit developers, and realtors.  In addition to 
  2.2   priorities developed by the group, the agency must give a 
  2.3   preference to economically viable projects in which units of 
  2.4   local government, area employers, and the private sector 
  2.5   contribute financial assistance.  
  2.6      (b) In the metropolitan area, the commissioner shall 
  2.7   collaborate with the metropolitan council to identify the 
  2.8   priorities for use of the affordable rental investment fund.  
  2.9   Funds distributed in the metropolitan area must be used 
  2.10  consistent with the objectives of the metropolitan development 
  2.11  guide, adopted under Minnesota Statutes, section 473.145.  In 
  2.12  addition to the priorities identified in conjunction with the 
  2.13  metropolitan council, the agency shall give preference to 
  2.14  economically viable projects that: 
  2.15     (1) include a contribution of financial resources from 
  2.16  units of local government and area employers; 
  2.17     (2) take into account the availability of transportation in 
  2.18  the community; and 
  2.19     (3) take into account the job training efforts in the 
  2.20  community.