Bill > SF2644

This bill authorizes the Minnesota Housing Finance Agency to issue an additional $44,660,000 in housing infrastructure bonds (HIBs), specifically designating the funds for The Heights housing development project in St. Paul. The bill amends existing statutes to create a new subdivision allowing this bond issuance, with the proceeds to be applied by the St. Paul Port Authority. The bond proceeds will be subject to existing income limit requirements under state law, unless the Port Authority designates the housing for a specific purpose related to affordable housing development. The bill also establishes a mechanism for annual debt service payments, requiring the commissioner of management and budget to transfer funds from the general fund to a housing infrastructure bond account each July 15th from 2027 through 2048 to cover the bond debt service. These transfers are limited to the actual annual debt service certified by the housing agency, ensuring that the state has a clear and structured approach to funding these housing infrastructure bonds while providing financial support for affordable housing development in the St. Paul area.

Housing and Urban Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2644&ssn=0&y=2025