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HF2549 (Legislative Session 94 (2025-2026))

Housing infrastructure bonds authorized, and money appropriated.

Related bill: SF2644

AI Generated Summary

Purpose of the Bill

The bill aims to support the development of housing infrastructure in Minnesota by allowing the issuance of bonds specifically meant for financing housing projects. It appropriates funds for new housing development in the state to address housing needs.

Main Provisions

  • The bill authorizes the issuance of up to $44,660,000 in housing infrastructure bonds. This money is specifically directed to support The Heights housing development project through the St. Paul Port Authority.
  • The allocation for this project must consider income limits as mentioned in Minnesota Statutes section 462A.33 subdivision 5, unless specified otherwise for specific housing purposes.
  • The bill specifies that annual debt service on the issued bonds must be certified, and funds transferred to cover these amounts will be appropriated from the general fund.

Significant Changes to Existing Law

  • Introduces an additional authorization (Subdivision 2k) to issue more bonds beyond what was previously authorized in Subdivisions 2 to 2j and 3a.
  • Amends Minnesota Statutes section 462A.37 subdivision 5 to include the new bond issuance and establish long-term transfer procedures to ensure repayment of these bonds from the general fund.

Relevant Terms

  • housing infrastructure bonds
  • The Heights housing development
  • St. Paul Port Authority
  • appropriation
  • debt service

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 19, 2025HouseFloorActionIntroduction and first reading, referred toHousing Finance and Policy
March 23, 2025HouseFloorActionAuthor added

Citations

 
[
  {
    "analysis": {
      "added": [
        "A new section authorizes additional issuance of bonds."
      ],
      "removed": [],
      "summary": "This bill modifies the housing funding mechanisms by amending section 462A.37, subdivision 5.",
      "modified": [
        "Adjustments to annual debt service certifications and appropriations schedules."
      ]
    },
    "citation": "462A.37",
    "subdivision": "subdivision 5"
  },
  {
    "analysis": {
      "added": [
        "Specific application of income limits to The Heights housing development project."
      ],
      "removed": [],
      "summary": "Provides requirements for income limits for housing projects under section 462A.33, subdivision 5.",
      "modified": []
    },
    "citation": "462A.33",
    "subdivision": "subdivision 5"
  },
  {
    "analysis": {
      "added": [
        "Reference for designated purposes of housing by St. Paul Port Authority."
      ],
      "removed": [],
      "summary": "Defines potential housing purposes for designation under section 462A.02, subdivision 6.",
      "modified": []
    },
    "citation": "462A.02",
    "subdivision": "subdivision 6"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Relates to the housing infrastructure bond account under section 462A.21, subdivision 33.",
      "modified": [
        "Multiple appropriations and transfer schedules adjusted."
      ]
    },
    "citation": "462A.21",
    "subdivision": "subdivision 33"
  }
]

Sponsors