The bill amends Minnesota Statutes 2022, section 462A.37, subdivision 2, to expand the eligible uses for housing infrastructure bonds. It authorizes the issuance of up to $30,000,000 in housing infrastructure bonds, which can be used for various purposes including financing the construction, acquisition, and rehabilitation of supportive housing, affordable rental housing, and senior housing. Notably, the bill adds a new provision allowing the financing of costs associated with the construction of multifamily rental housing for households with incomes at or below fifty percent of the area median income. Additionally, it removes the previous provision that allowed financing for single-family housing.

The bill also emphasizes the prioritization of funding for permanent supportive housing for veterans and individuals or families at risk of homelessness, as well as for senior housing projects that maintain affordability and leverage additional funding sources. The agency is instructed to balance loans between metropolitan and non-metropolitan projects, ensuring equitable distribution based on population size. Overall, the bill aims to enhance housing support and affordability for vulnerable populations in Minnesota.

Statutes affected:
Introduction: 462A.37