MN HF3499

Authorizes Minneapolis and St. Paul to expand energy conservation loan programs to residential, commercial, and industrial properties, not just single-family and multifamily housing.

Requires at least 75 percent of loan proceeds to fund property repairs, improvements, and equipment that reduce energy consumption or convert structures to use non-nuclear and non-petroleum energy sources.

Loans may be made without income restrictions, bear interest at rates set by the cities, have terms not exceeding 20 years, and may be secured by mortgage or other security interests.

Cities may issue revenue bonds or obligations to fund the programs, payable from program revenues and other city sources (excluding ad valorem tax on real property), without regard to limitations in Minnesota Statutes Chapters 462C or 475.

Repeals Laws 1981, chapter 222, section 7 and takes effect the day following final enactment without requiring local approval under Minnesota Statutes, section 645.023.