SF 2275

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:36pm

A bill for an act
relating to housing; authorizing the sale and issuance of nonprofit housing bonds
for community land trusts; 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
$5,000,000 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 grants, on terms and conditions the
agency deems appropriate, to neighborhood land trusts authorized under section 462A.31,
to acquire land for affordable housing. Grants to acquire land made under this subdivision
are considered a supplement to be used by the agency with other funding for construction
and rehabilitation of affordable housing and the agency must consider the award of a
grant under this subdivision when making decisions under other funding programs for
long-term affordable housing through land leases.
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 management and budget 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 2011 and through 2033, if any nonprofit housing
bonds issued under subdivision 2a 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 $420,000
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 (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