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HF2549 (Legislative Session 94 (2025-2026))

Housing infrastructure bonds authorized, and money appropriated.

Related bill: SF2644

AI Generated Summary

Purpose of the Bill

The purpose of this bill is to facilitate the development of housing infrastructure in Minnesota by authorizing the issuance of additional housing infrastructure bonds. This is aimed at expanding the availability of affordable housing options in the region.

Main Provisions

  • Issuance of Bonds: The bill authorizes the issuance of up to $44,660,000 in housing infrastructure bonds. These bonds are to be used primarily for the development of housing projects such as The Heights, facilitated by the St. Paul Port Authority.
  • Income Limits: Projects funded through these bonds must adhere to specific income limits unless otherwise specified by the St. Paul Port Authority.
  • Payment Transfers: The bill outlines the procedure for the transfer of funds necessary to cover the annual debt service of these bonds, which will be managed by the commissioner of management and budget.

Significant Changes to Existing Law

  • New Bond Authorization: This legislation adds a new subdivision to Minnesota Statutes, specifically allowing for the issuance of $44,660,000 in new bonds.
  • Long-term Debt Service Management: Sets a framework for the transfer of necessary funds from the general fund to manage the debt service of these bonds up until 2048.

Relevant Terms

  • Housing infrastructure bonds
  • St. Paul Port Authority
  • The Heights housing development
  • Debt service
  • General fund transfers

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 19, 2025HouseFloorActionIntroduction and first reading, referred toHousing Finance and Policy
March 23, 2025HouseFloorActionAuthor added
March 23, 2025HouseFloorActionAuthor added
March 23, 2025HouseFloorActionMotion to recall and re-refer, motion prevailedHousing Finance and Policy

Citations

 
[
  {
    "analysis": {
      "added": [
        "Additional authorization for the issuance of housing infrastructure bonds up to $44,660,000 for St. Paul Port Authority."
      ],
      "removed": [],
      "summary": "This bill amends housing infrastructure bond authorization under section 462A.37, subdivision 5, by adding a new subdivision 2k for additional authorization.",
      "modified": [
        "Expands definition of eligible infrastructure projects."
      ]
    },
    "citation": "462A.37"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Reference to income limits for The Heights housing development project.",
      "modified": [
        "Clarifies the income limits for housing projects funded by infrastructure bonds."
      ]
    },
    "citation": "462A.33"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Reference to intended purposes for housing provisions.",
      "modified": [
        "Defines the intended purposes for which the housing infrastructure is developed."
      ]
    },
    "citation": "462A.02"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Account for the deposit of transfers related to housing infrastructure bonds in section 462A.21, subdivision 33.",
      "modified": [
        "Outlines how transfers should be handled for infrastructure bonds issued under various subdivisions."
      ]
    },
    "citation": "462A.21"
  }
]

Sponsors