Minneslate Logo

SF2644 (Legislative Session 94 (2025-2026))

Housing infrastructure bonds issuance authorization provision and appropriation

Related bill: HF2549

AI Generated Summary

Purpose of the Bill

The bill aims to support housing development in Minnesota by authorizing additional funds for housing infrastructure projects. It seeks to enhance the state's efforts in addressing housing and homelessness issues through financial backing for specified housing projects.

Main Provisions

  • Issuance of Housing Infrastructure Bonds: The bill authorizes the issuance of additional housing infrastructure bonds up to $44,660,000. This is intended to finance specific housing projects, with a significant allocation for The Heights housing development project in St. Paul.
  • Funding Allocation: Proceeds from the bond sales must be allocated to the St. Paul Port Authority for the specified housing development project provided that they meet certain income limits.
  • Debt Service Transfers: It outlines a series of annual transfers from the general fund to the housing infrastructure bond account to ensure payment of the bonds' debt. These transfers are scheduled each July 15 from various years up to 2048 based on when each series of bonds is issued.

Significant Changes to Existing Law

  • Amendments to Current Statutes: The bill amends Minnesota Statutes section 462A.37 by adding subdivision 2k, granting additional authorization for issuing bonds. Subdivision 5 is also modified to establish rules regarding the certification and transfer of funds for the debt service on these bonds.
  • Financial Commitment from State: The bill introduces a structured commitment from the state’s general fund to support the bonds issued, demonstrating a financial strategy aimed at enhancing housing infrastructure.

Relevant Terms

  • Housing infrastructure bonds
  • St. Paul Port Authority
  • The Heights housing development
  • General fund
  • Debt service
  • Minnesota Statutes section 462A.37

Bill text versions

Actions

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

Citations

 
[
  {
    "analysis": {
      "added": [
        "New provisions for the issuance and application of proceeds for bonds related to The Heights housing development project."
      ],
      "removed": [
        ""
      ],
      "summary": "This provision relates to the annual certification and appropriation process for housing infrastructure bonds under section 462A.37.",
      "modified": [
        "Updated the amounts for annual appropriations and transfer schedules for various subdivisions of housing infrastructure bonds."
      ]
    },
    "citation": "462A.37",
    "subdivision": "subdivision 5"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "Modification of income limits for the housing development project as outlined in section 462A.33.",
      "modified": [
        "Clarified income limit references for projects under section 462A.33."
      ]
    },
    "citation": "462A.33",
    "subdivision": "subdivision 5"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This involves appropriations to the housing infrastructure bond account established under section 462A.21.",
      "modified": [
        "Various updates to the transfer and appropriation process to align with new bond issues."
      ]
    },
    "citation": "462A.21",
    "subdivision": "subdivision 33"
  }
]

Sponsors