SF4974

Purpose

This bill authorizes the use of housing infrastructure bonds to fund a specific housing project. It aims to provide a grant to Face to Face Health and Counseling Services Inc. to support the development of on-site services and housing for young people.

Main provisions

• Adds a new subdivision (2k) to Minnesota Statutes 2024 section 462A.37.
• Allows the relevant state agency to issue up to $8,000,000 in housing infrastructure bonds in one or more series.
• Proceeds from the bonds must be awarded as a grant to Face to Face Health and Counseling Services Inc.
• The grant is to be used to predesign, design, engineer, construct, furnish, and equip a facility.
• The facility will provide 20 units of affordable housing with on-site support services.
• Target residents: young people ages 18 to 24.
• Location: 1170 Arcade Street in the city of St. Paul.
• Bond payments under this section may be pledged to support these bond obligations.

How the bill changes Minnesota law

• Creates a new financing authorization (subdivision 2k) within the existing 462A.37 framework.
• Expands the agency’s bonding authority to up to $8 million specifically for this project, supplementing existing authorizations in other subdivisions.
• Directs the bond proceeds to a specific grant recipient for a defined housing project with on-site services.

Impact and beneficiaries

• Provides funding and a concrete financing plan for a single youth-focused affordable housing project in St. Paul.
• Benefits Face to Face Health and Counseling Services Inc. as the grant recipient.
• Affects young adults aged 18 to 24 seeking affordable housing with on-site support services.

Financial and implementation notes

• Uses housing infrastructure bonds as the financing mechanism.
• Requires the agency to issue bonds in one or more series and pledge payments under the statute.
• Project scope includes predesign through to furnishing and equipping a multi-unit facility (20 units) with on-site services.

Relevant Terms - housing infrastructure bonds - grant - Face to Face Health and Counseling Services Inc. - affordable housing - on-site support services - 20 units - young people ages 18 to 24 - 1170 Arcade Street - St. Paul - Minnesota Statutes 2024 section 462A.37 subdivision 5 - subdivision 2k - issuer/agency - one or more series - pledged payments - predesign, design, engineer, construct, furnish, and equip