Housing infrastructure bonds issue authorization to finance a grant to the Minneapolis Public Housing for the Glendale Townhomes redevelopment project

A bill for an act

relating to housing; authorizing the issuance of housing infrastructure bonds to

finance a grant to the Minneapolis Public Housing Authority for the Glendale

Townhomes redevelopment project; amending Minnesota Statutes 2024, section

462A.37, by adding a subdivision; Minnesota Statutes 2025 Supplement, section

462A.37, subdivision 5.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 462A.37, is amended by adding a subdivision

to read:

new text begin

Subd. 2l.

new text end

new text begin

Additional authorization.

new text end

new text begin

In addition to the amount authorized in subdivisions

2 to 2k and 3a, the agency may issue up to $7,000,000 in one or more series to which the

payments under this section may be pledged. Proceeds from the sale of bonds authorized

in this subdivision must be awarded as a grant to the Minneapolis Public Housing Authority

or to one or more affiliates, limited partnerships, limited liability companies, or other entities

in which the Minneapolis Public Housing Authority has an ownership interest or serves as

managing member or general partner, for the redevelopment of the Glendale Townhomes

in the city of Minneapolis.

new text end

new text begin

EFFECTIVE DATE.

new text end

new text begin

This section is effective the day following final enactment.

new text end

Sec. 2.

Minnesota Statutes 2025 Supplement, section 462A.37, subdivision 5, is amended

to read:

Subd. 5.

Additional appropriation.

(a) The agency must certify annually to the

commissioner of management and budget the actual amount of annual debt service on each

series of bonds issued under this section.

(b) Each July 15, beginning in 2015 and through 2037, if any housing infrastructure

bonds issued under subdivision 2a, or housing infrastructure bonds issued to refund those

bonds, remain outstanding, the commissioner of management and budget must transfer to

the housing infrastructure bond account established under section
462A.21, subdivision 33
,

the amount certified under paragraph (a), not to exceed $6,400,000 annually. The amounts

necessary to make the transfers are appropriated from the general fund to the commissioner

of management and budget.

(c) Each July 15, beginning in 2017 and through 2038, if any housing infrastructure

bonds issued under subdivision 2b, or housing infrastructure bonds issued to refund those

bonds, remain outstanding, the commissioner of management and budget must transfer to

the housing infrastructure bond account established under section
462A.21, subdivision 33
,

the amount certified under paragraph (a), not to exceed $800,000 annually. The amounts

necessary to make the transfers are appropriated from the general fund to the commissioner

of management and budget.

(d) Each July 15, beginning in 2019 and through 2040, if any housing infrastructure

bonds issued under subdivision 2c, or housing infrastructure bonds issued to refund those

bonds, remain outstanding, the commissioner of management and budget must transfer to

the housing infrastructure bond account established under section
462A.21, subdivision 33
,

the amount certified under paragraph (a), not to exceed $2,800,000 annually. The amounts

necessary to make the transfers are appropriated from the general fund to the commissioner

of management and budget.

(e) Each July 15, beginning in 2020 and through 2041, if any housing infrastructure

bonds issued under subdivision 2d, or housing infrastructure bonds issued to refund those

bonds, remain outstanding, the commissioner of management and budget must transfer to

the housing infrastructure bond account established under section
462A.21, subdivision 33
,

the amount certified under paragraph (a). The amounts necessary to make the transfers are

appropriated from the general fund to the commissioner of management and budget.

(f) Each July 15, beginning in 2020 and through 2041, if any housing infrastructure

bonds issued under subdivision 2e, or housing infrastructure bonds issued to refund those

bonds, remain outstanding, the commissioner of management and budget must transfer to

the housing infrastructure bond account established under section
462A.21, subdivision 33
,

the amount certified under paragraph (a). The amounts necessary to make the transfers are

appropriated from the general fund to the commissioner of management and budget.

(g) Each July 15, beginning in 2022 and through 2043, if any housing infrastructure

bonds issued under subdivision 2f, or housing infrastructure bonds issued to refund those

bonds, remain outstanding, the commissioner of management and budget must transfer to

the housing infrastructure bond account established under section
462A.21, subdivision 33
,

the amount certified under paragraph (a). The amounts necessary to make the transfers are

appropriated from the general fund to the commissioner of management and budget.

(h) Each July 15, beginning in 2022 and through 2043, if any housing infrastructure

bonds issued under subdivision 2g, or housing infrastructure bonds issued to refund those

bonds, remain outstanding, the commissioner of management and budget must transfer to

the housing infrastructure bond account established under section
462A.21, subdivision 33
,

the amount certified under paragraph (a). The amounts necessary to make the transfers are

appropriated from the general fund to the commissioner of management and budget.

(i) Each July 15, beginning in 2023 and through 2044, if any housing infrastructure

bonds issued under subdivision 2h, or housing infrastructure bonds issued to refund those

bonds, remain outstanding, the commissioner of management and budget must transfer to

the housing infrastructure bond account established under section
462A.21, subdivision 33
,

the amount certified under paragraph (a). The amounts necessary to make the transfers are

appropriated from the general fund to the commissioner of management and budget.

(j) Each July 15, beginning in 2026 and through 2047, if any housing infrastructure

bonds issued under subdivision 2j, or housing infrastructure bonds issued to refund those

bonds, remain outstanding, the commissioner of management and budget must transfer to

the housing infrastructure bond account established under section
462A.21, subdivision 33
,

the amount certified under paragraph (a). The amounts necessary to make the transfers are

appropriated from the general fund to the commissioner of management and budget.

(k) Each July 15, beginning in 2027 and through 2048, if any housing infrastructure

bonds issued under subdivision 2k, or housing infrastructure bonds issued to refund those

bonds, remain outstanding, the commissioner of management and budget must transfer to

the housing infrastructure bond account established under section
462A.21, subdivision 33
,

the amount certified under paragraph (a). The amounts necessary to make the transfers are

appropriated from the general fund to the commissioner of management and budget.

new text begin

(l) Each July 15, beginning in 2028 and through 2049, if any housing infrastructure

bonds issued under subdivision 2l or housing infrastructure bonds issued to refund those

bonds, remain outstanding, the commissioner of management and budget must transfer to

the housing infrastructure bond account established under section 462A.21, subdivision 33,

the amount certified under paragraph (a). The amounts necessary to make the transfers are

appropriated from the general fund to the commissioner of management and budget.

new text end

deleted text begin

(l)
deleted text end
new text begin
(m)
new text end
The agency may pledge to the payment of the housing infrastructure bonds the

payments to be made by the state under this section.

new text begin

EFFECTIVE DATE.

new text end

new text begin

This section is effective the day following final enactment.

new text end