Minnesota Legislature
SF 2643
as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
Current Version - as introduced
1.7 1.8 1.9 1.10 1.11 1.12 1.13
1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 2.1 2.2 2.3 2.4 2.5
2.6
A bill for an act
relating to housing; modifying the definition of neighborhood land trust;
appropriating money for neighborhood land trusts; authorizing the sale and
issuance of state bonds; amending Minnesota Statutes 2006, section 462A.30,
subdivision 8.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2006, section 462A.30, subdivision 8, is amended to
read:
Subd. 8.
Neighborhood land trust.
"Neighborhood land trust" means a city deleted text begin ordeleted text end new text begin ,new text end a
nonprofit corporation organized under chapter 317Anew text begin , or a housing cooperative organized
under chapter 308A or 308Bnew text end that complies with section 462A.31 deleted text begin and that qualifies for
tax exempt status under United States Code, title 26, section 501(c)(3)deleted text end , and that meets all
other criteria for neighborhood land trusts set by the agency.
Sec. 2. new text begin APPROPRIATIONS; MINNESOTA HOUSING FINANCE AGENCY.
new text end
new text begin Subdivision 1. new text end
new text begin Neighborhood land trusts. new text end
new text begin
$....... is appropriated from the general
fund for transfer to the housing development fund for privately owned neighborhood land
trusts under Minnesota Statutes, sections 462A.30 and 462A.31.
new text end
new text begin Subd. 2. new text end
new text begin Publicly owned neighborhood land trusts. new text end
new text begin
$....... is appropriated from
the bond proceeds fund to the Minnesota Housing Finance Agency for capital costs
associated with publicly owned neighborhood land trusts under Minnesota Statutes,
sections 462A.30 and 462A.31.
new text end
new text begin Subd. 3. new text end
new text begin Bond sale. new text end
new text begin
To provide the money appropriated in subdivision 2 from the
bond proceeds fund, the commissioner of finance shall sell and issue bonds of the state in
an amount up to $....... in the manner, upon the terms, and with the effect prescribed by
Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution,
article XI, sections 4 to 7.
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