1.1 	A bill for an act
1.2 	relating to housing; authorizing nonprofit housing bonds; appropriating money;
1.3 	amending Minnesota Statutes 2008, section 462A.36, by adding subdivisions.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2008, section 462A.36, is amended by adding a 
1.6 	subdivision to read:
1.7 		Subd. 2a.Authorization for other purposes. The agency may issue up to 
1.8 	$100,000,000 of nonprofit housing bonds in one or more series to which the payments 
1.9 	made under this section may be pledged. The nonprofit housing bonds authorized in this 
1.10 	subdivision may be issued for the purpose of making loans, on terms and conditions the 
1.11 	agency deems appropriate, to local governments and 501(c)(3) nonprofit organizations: 
1.12 	(1) to acquire land and to predesign, design, construct, renovate, furnish, and equip 
1.13 	affordable rental housing; and (2) to acquire vacant or foreclosed residential property to 
1.14 	renovate and sell at affordable prices. The bonds may also be issued for the purpose of 
1.15 	making loans to a neighborhood land trust authorized under section 462A.31, to acquire 
1.16 	land for affordable housing.

1.17 	Sec. 2. Minnesota Statutes 2008, section 462A.36, is amended by adding a subdivision 
1.18 	to read:
1.19 		Subd. 5.Appropriation for other purposes; payment. (a) The agency must certify 
1.20 	annually to the commissioner of finance the actual amount of annual debt service on each 
1.21 	series of bonds issued under subdivision 2a.
1.22 	(b) Each July 15, beginning in 2010 and through 2032, if any nonprofit housing 
1.23 	bonds issued under subdivision 2a remain outstanding, the commissioner of finance 
2.1 	must transfer to the nonprofit housing bond account established under section 462A.21, 
2.2 	subdivision 32, the amount certified under paragraph (a), not to exceed $8,000,000 
2.3 	annually. The amounts necessary to make the transfers are appropriated from the general 
2.4 	fund to the commissioner of finance.
2.5 	(c) The agency may pledge to the payment of the nonprofit housing bonds the 
2.6 	payments to be made by the state under this section.