MN HF2702

Authorizes the issuance of up to $5,000,000 in nonprofit housing bonds to be pledged for grants to neighborhood land trusts authorized under Minnesota Statutes section 462A.31 for acquiring land for affordable housing.

Grants issued for land acquisition are considered supplements to other affordable housing funding and must be considered when making decisions under other long-term affordable housing funding programs.

Requires the agency to certify annually to the commissioner of management and budget the actual amount of annual debt service on each series of bonds issued under this subdivision.

Mandates the commissioner of management and budget transfer up to $420,000 annually to the nonprofit housing bond account beginning July 15, 2011 through 2033 to cover debt service payments on outstanding bonds.

Allows the agency to pledge state payments toward the nonprofit housing bonds as security for the bonds.