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SF2644 (Legislative Session 94 (2025-2026))

Housing infrastructure bonds issuance authorization provision and appropriation

Related bill: HF2549

AI Generated Summary

Purpose of the Bill

This bill is designed to address housing needs in Minnesota by authorizing the issuance of housing infrastructure bonds. These bonds will support the development of housing projects, particularly focusing on The Heights housing development project in St. Paul.

Main Provisions

  • Issuance of Bonds: The bill allows for the issuance of up to $44,660,000 in housing infrastructure bonds. The proceeds from these bonds are designated for the St. Paul Port Authority to apply specifically to The Heights housing development project.

  • Income Limits and Housing Intent: The housing development must adhere to current income limits for residents, unless a preference is made by the St. Paul Port Authority to prioritize certain housing goals as outlined by the state statutes.

  • Annual Transfers: Starting in 2027 and continuing through 2048, the bill mandates annual transfers from the general fund to the housing infrastructure bond account to cover debt service payments for these bonds. The commissioner of management and budget is tasked with certifying the required amounts each year.

Significant Changes to Existing Law

  • The bill adds a new subdivision to Minnesota Statutes section 462A.37, allowing further authorization and financial structuring for housing projects.

  • Adjustments include new mandates for the transfer of funds from the general fund to manage debt service on the newly issued bonds, outlined in section 462A.21, subdivision 33.

Relevant Terms

housing infrastructure bonds, The Heights housing development, St. Paul Port Authority, income limits, general fund transfers, debt service payments, Minnesota Statutes.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 16, 2025SenateFloorActionIntroduction and first reading
March 16, 2025SenateFloorActionReferred toHousing and Homelessness Prevention

Citations

 
[
  {
    "analysis": {
      "added": [
        "An additional authorization for issuing up to $44,660,000 in bonds for the St. Paul Port Authority project."
      ],
      "removed": [],
      "summary": "This bill concerns the authorization and issuance of housing infrastructure bonds and modifies provisions related to section 462A.37.",
      "modified": [
        "Specifies application of bond proceeds and adjusts related financial obligations."
      ]
    },
    "citation": "462A.37"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill refers to income limits set forth in section 462A.33.",
      "modified": [
        "Stipulates income limits application for housing projects as referenced in conjunction with bond issuance."
      ]
    },
    "citation": "462A.33"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill refers to the purposes outlined in section 462A.02, subdivision 6.",
      "modified": [
        "Aligns housing project intentions with the specified purposes, allowing certain designations by the St. Paul Port Authority."
      ]
    },
    "citation": "462A.02"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill involves transfers to the housing infrastructure bond account under section 462A.21, subdivision 33.",
      "modified": [
        "Details of financial transfers from the general fund to the bond account for various housing infrastructure bonds until specified end dates."
      ]
    },
    "citation": "462A.21"
  }
]

Sponsors