MN SF3584

Adds senior housing as an allowable use of housing infrastructure bonds, defined as housing for persons 55 years or older with annual income not exceeding 50 percent of median income, with at least 80 percent occupancy by seniors.

Authorizes $110,000,000 in additional housing infrastructure bonds under new subdivision 2c for supportive housing, foreclosed/abandoned property rehabilitation, community land trusts, federally assisted rental housing, and senior housing projects.

Establishes annual state appropriations beginning in 2018 through 2039 to support debt service on the new $110,000,000 bond authorization, transferred to the housing infrastructure bond account by the commissioner of management and budget.

Appropriates $20,000,000 from bond proceeds to the Minnesota Housing Finance Agency for public housing rehabilitation and preservation, limited to authorities with composite scores of 80 or above, with authorization to issue corresponding state bonds.

Requires senior housing projects receiving priority consideration to demonstrate commitment to affordability, leverage other funding sources including low-income housing tax credits, and provide aging-in-place services supporting independent living.