MN HF2485

Appropriates $10,000,000 from bond proceeds fund to the Housing Finance Agency for rehabilitation of public housing, with priority given to proposals that maximize federal or local resources.

Authorizes the Minnesota Housing Finance Agency to issue up to $30,000,000 in housing infrastructure bonds to finance supportive housing, acquisition and rehabilitation of foreclosed or abandoned property, community land trust property, and federally assisted rental housing.

Establishes a housing infrastructure bond account within the housing development fund to hold proceeds from housing infrastructure bonds and state payments.

Requires the Commissioner of Management and Budget to transfer annual debt service payments (up to $2,200,000 per year) from the general fund to support the bonds, with transfers occurring July 15 annually from 2013 through 2035.

Specifies that housing infrastructure bonds are not backed by the state's full faith and credit or taxing powers, and gives preference to permanent supportive housing for individuals experiencing chronic homelessness.