HF 3125 Summary

• Appropriates $30,000,000 from bond proceeds to the Minnesota Housing Finance Agency for rehabilitation costs to preserve public housing owned and operated by public housing authorities and agencies in cities and counties.

• Authorizes issuance of up to $110,000,000 in additional housing infrastructure bonds beyond existing authorizations for affordable housing, supportive housing, and federally assisted rental housing projects.

• Adds senior housing (for persons 62+ with income not exceeding 50 percent of area median income) and manufactured home park improvements as eligible uses for housing infrastructure bond funding.

• Establishes senior housing project priorities including commitment to affordability, leveraging other funding sources, access to support services as residents age, and inclusion of households earning no more than 30 percent of median household income.

• Requires annual debt service certifications and establishes state appropriations beginning July 15, 2019 through 2040 (capped at unspecified amount) to service the new bond series.