Bill > SF203

This bill authorizes the Minnesota Housing Finance Agency to issue up to $400,000,000 in additional housing infrastructure bonds (HIBs), expanding its existing bonding authority. The bill modifies the state's bonding process by adding a new subdivision that allows for this extra bond issuance and establishes a mechanism for repayment. Specifically, it requires the commissioner of management and budget to transfer funds from the general fund to a housing infrastructure bond account on July 15th each year from 2027 through 2048, with the transfer amount based on the actual annual debt service for these bonds. The transferred funds will not exceed the certified annual debt service amount, ensuring a predictable repayment schedule. The bill is designed to provide additional financial resources for housing infrastructure projects in Minnesota, with the bonds being backed by a state general fund appropriation. The effective date is the day following final enactment, which means the bonding authority will take effect immediately after the bill is signed into law.

Housing and Urban Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0203&ssn=0&y=2025