Senate Counsel, Research
and Fiscal Analysis
Minnesota Senate Bldg.
95 University Avenue W. Suite 3300
St. Paul, MN 55155
(651) 296-4791
Alexis C. Stangl
Director
   Senate   
State of Minnesota
 
 
 
 
 
S.F. No. 1644 - Housing Policy (Second Engrossment)
 
Author: Senator Bill Weber
 
Prepared By:
 
Date: April 8, 2019



 

Section 1 [Biennial report of the MHFA] requires information for each of the MHFA’s programs on the cost per unit of housing and the cost per square foot.

Section 2 [Economic development and housing challenge grants] specifies that the economic development and housing challenge grant program is not subject to broad interpretation and defines “locally identified housing needs.”

Section 3 [Economic development and housing challenge grants] defines “housing needs of the local work force” for economic development and housing challenge grants.

Sections 4 to 11 [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 12 [Small issue and public facilities pool] eliminates any reference to the housing pool that is being created separately in the next section.

Section 13 [Allocation application; housing pool] establishes a separate process for applying for allocations from the housing pool for residential rental projects.

Section 14 [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 15 [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 16 [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.

 
Check on the status of this bill
 
Back to Senate Counsel and Research Bill Summaries page
 

 
This page is maintained by the Office of Senate Counsel, Research, and Fiscal Analysis for the Minnesota Senate.
 
Last review or update: 04/08/2019
 
If you see any errors on this page, please e-mail us at webmaster@senate.mn