SF2644

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.