SF5212

Purpose

To provide funding for local public housing by using capital investment and bond financing. The bill would appropriate $15,000,000 from the bond proceeds fund to the Minnesota Housing Finance Agency for the local public housing program under Minnesota Statutes section 462A.44, to be used for qualified capital projects. It also authorizes the sale of state bonds up to $15,000,000 to raise the money, following the procedures in state law and the state constitution.

Main Provisions

• Subdivision 1 — Appropriation: $15,000,000 is appropriated from the bond proceeds fund to the Minnesota Housing Finance Agency for the local public housing program under Minnesota Statutes section 462A.44. The money must be used for qualified capital projects.
• Subdivision 2 — Bond sale: The Commissioner of Management and Budget shall sell and issue bonds of the state in an amount up to $15,000,000 to provide the appropriated money. The bond sale must be conducted according to Minnesota Statutes sections 16A.631 to 16A.675 and the Minnesota Constitution Article XI, sections 4 to 7.

Significant Changes to Existing Law

• Adds a new appropriation of $15,000,000 from the bond proceeds fund for the local public housing program, enabling funding for qualified capital projects.
• Establishes the authority to issue state bonds up to $15,000,000 to finance that appropriation, under existing bonding laws and constitutional provisions (sections 16A.631-16A.675 and Article XI).

How It Works (Overview)

• Source of funds: bond proceeds fund.
• Recipient: Minnesota Housing Finance Agency.
• Use of funds: qualified capital housing projects under the local public housing program.
• Financing method: sale and issuance of state bonds up to $15,000,000, following applicable statutes and constitutional rules.

Relevant to: capital investment, public housing funding, capital projects, state bonds, bond financing, Minnesota Housing Finance Agency, 462A.44, 16A.631-16A.675, Minnesota Constitution Article XI.

Relevant Terms - local public housing program - Minnesota Housing Finance Agency - bond proceeds fund - appropriation - qualified capital projects - bond sale - state bonds - Minnesota Statutes section 462A.44 - Minnesota Statutes sections 16A.631 to 16A.675 - Minnesota Constitution Article XI sections 4 to 7