Purpose of the Bill

The bill aims to address housing needs through the issuance of housing infrastructure bonds to support the development of affordable housing. Specifically, it authorizes a grant for the construction of housing for young adults.

Main Provisions

• Housing Infrastructure Bonds: The bill authorizes the issuance of up to $8 million in housing infrastructure bonds. These are financial instruments used by government agencies to raise funds for building housing projects.
• Grant to Face to Face Health and Counseling Services Inc.: The bonds' proceeds will be used as a grant awarded to this organization. The funds are intended for the design and construction of new affordable housing facilities.
• Target Beneficiaries: The facility will provide 20 units of affordable housing with onsite support services. It is specifically designed for young people aged 18 to 24.
• Location: The new housing facility will be located at 1170 Arcade Street in St. Paul, Minnesota.

Significant Changes to Existing Law

• This bill adds a new provision to Minnesota Statutes 2024, section 462A.37, which allows for additional issuance of bonds beyond previous authorizations.

Relevant Terms

• Housing infrastructure bonds
• Affordable housing
• Grant
• Young adults
• Face to Face Health and Counseling Services Inc.
• St. Paul