MN SF3273

Authorizes the agency to issue up to $30,000,000 in challenge program bonds in one or more series for grants and loans to affordable housing, permanent supportive housing, and neighborhood land trust projects.

Establishes a separate challenge program bond account within the housing development fund to receive bond proceeds and state payments.

Creates a standing appropriation from the general fund with annual state payments of up to $2,400,000 each July 15 from 2010 through 2032 to cover debt service on outstanding bonds.

Specifies that challenge program bonds are not public debt of the state and do not pledge the state's full faith, credit, or taxing powers for repayment.

Requires the agency to certify annually the actual debt service amount to the commissioner of management and budget.