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SF5150

Housing infrastructure bonds issue authorization to finance a grant to the Minneapolis Public Housing for the Glendale Townhomes redevelopment project
Legislative Session 94 (2025-2026)

Related bill: HF4901

AI Generated Summary

Purpose

  • To authorize the issuance of housing infrastructure bonds to finance a grant to the Minneapolis Public Housing Authority (MPHA) for the Glendale Townhomes redevelopment project in Minneapolis.

Main Provisions

  • Adds a new subdivision (2l) to Minnesota Statutes 2024 section 462A.37, creating an “Additional authorization.”
  • In addition to the existing authorized amounts (subdivisions 2 to 2k and 3a), the agency may issue up to $7,000,000 in one or more series of housing infrastructure bonds.
  • The payments under this section may be pledged to secure these bonds.
  • Proceeds from selling bonds under this subdivision must be awarded as a grant to MPHA or to one or more affiliates, limited partnerships, limited liability companies, or other entities in which MPHA has an ownership interest or serves as managing member or general partner.
  • The grant is for the redevelopment of the Glendale Townhomes in the city of Minneapolis.

Significance / Changes to Law

  • Creates a new up-to-$7,000,000 bonding authority under the housing infrastructure bonds framework.
  • Establishes a mechanism to provide a grant to MPHA or MPHA-affiliated entities for a specific redevelopment project (Glendale Townhomes).
  • Expands the potential recipients of bond-proceeds-backed grants to entities with MPHA ownership or management roles.

Funding Mechanism and Use of Proceeds

  • Bonds may be issued in one or more series.
  • Payments under the statute may be pledged to support the bonds.
  • Proceeds must be used as a grant to MPHA or MPHA-affiliated entities for Glendale Townhomes redevelopment.

Eligible Recipients and Partnerships

  • MPHA and entities in which MPHA has an ownership interest or serves as managing member or general partner.
  • Includes affiliates, limited partnerships, limited liability companies (LLCs), or other similar entities.

Project Location

  • Glendale Townhomes redevelopment, Minneapolis.

Context and Related Provisions

  • The bonds are part of housing infrastructure bonds financing mechanisms.
  • The specific statutory reference is Minnesota Statutes 2024 section 462A.37, with the new subdivision 2l adding this authority.

Relevant Terms - housing infrastructure bonds - grant - Minneapolis Public Housing Authority (MPHA) - Glendale Townhomes - redevelopment - Minnesota Statutes 2024 section 462A.37 - subdivision 2l (Additional authorization) - up to $7,000,000 - one or more series - pledged payments - proceeds - affiliates - limited partnerships - limited liability companies (LLCs) - ownership interest - managing member - general partner - city of Minneapolis

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
April 16, 2026SenateActionIntroduction and first reading
April 16, 2026SenateActionReferred toHousing and Homelessness Prevention

Citations

 
[
  {
    "analysis": {
      "added": [
        "New Subd. 2l: Additional authorization for housing infrastructure bonds and grant funding for Glendale Townhomes redevelopment."
      ],
      "removed": [],
      "summary": "Adds Subd. 2l to Minnesota Statutes 462A.37 to authorize up to $7,000,000 in housing infrastructure bonds, to be issued by the agency in one or more series, with payments pledged under the section. Proceeds must be awarded as a grant to the Minneapolis Public Housing Authority or to entities in which MPHA has an ownership interest or serves as managing member or general partner, for the redevelopment of the Glendale Townhomes in Minneapolis.",
      "modified": []
    },
    "citation": "462A.37",
    "subdivision": "Subd. 2l"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "References Minnesota Statutes 2025 Supplement section 462A.37 subdivision 5.1.7; cross-reference within the bill.",
      "modified": []
    },
    "citation": "462A.37",
    "subdivision": "Subdivision 5.1.7"
  }
]

Progress through the legislative process

17%
In Committee

Sponsors

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