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S.F. No. 1644 - Housing Bonds; Minnesota Bond Allocation Act
 
Author: Senator Bill Weber
 
Prepared By: Greg Knopff, Senate Analyst (651/296-9399)
 
Date: March 4, 2019



 

Sections 1 to 8 [Definitions] defines “aggregate bond limitation,” “AMI” (area median income),  “LITHC,” “preservation project,” “30 percent AMI residential rental project,” “50 percent AMI residential rental project,” “100 percent LIHTC project,” and “20 percent LIHTC project” for the purpose of issuing residential rental housing bonds under the Minnesota Bond Allocation Act.  Note that the definition for “aggregate bond limitation” provides a 55 percent limit on use of the bonds for residential rental projects.

Section 9 [Small issue and public facilities pool] eliminates any reference to the housing pool that is being created separately in the next section.

Section 10 [Allocation application; housing pool] establishes a separate process for applying for allocations from the housing pool for residential rental projects.

Section 11 [Housing pool allocation] eliminates the delay in senior residential rental property projects to after May 15, and establishes priorities for funding projects based on the new terms defined: (1) preservation project; (2) 30 percent AMI residential rental project; (3) 50 percent AMI residential rental project; (4) 100 percent LIHTC project; (5) 20 percent LIHTC project; (6) other residential rental projects.

Section 12 [Application for residential rental projects; unified pool] modifies the general application process for the unified pool to apply to residential housing projects using the new defined terms. This section also eliminates the need to state whether the project is senior housing.

Section 13 [Allocation procedure; unified pool] provides a priority for housing projects based on whether it is a:  (1) preservation project; (2) 30 percent AMI residential rental project; (3) 50 percent AMI residential rental project; (4) 100 percent LIHTC project; (5) 20 percent LIHTC project; (6) other residential rental projects. This section also provides for random selection when two residential rental housing projects are on the same priority level and the bonding authority is not available for both; and that projects that do not receive funding will be funded in the future before new projects at the same priority level.

 
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