MN HF4362

Commissioner of Minnesota Housing Finance Agency may reserve bonding authority from 2019 or 2020 allocation year to issue residential rental project bonds for rehabilitation and renovation of Fort Snelling Upper Post.

Qualified residential rental project must enter into minimum 25-year agreement with issuer to provide applicable rental rates and incomes, and commissioner shall determine bonding amount needed to qualify for low-income housing tax credits.

Commissioner may issue bonds directly or allocate them to another suitable issuer subject to an agreement on timing, process, and use; bonds are not guaranteed by the state or other issuer.

If bonds are not permanently issued by December 1, 2019, or December 1, 2020, bonding authority reverts to Minnesota Housing Finance Agency or may be used for alternative qualified residential rental project purposes.

Minnesota Housing Finance Agency must approve the project for low-income housing tax credits subject only to minimum requirements under Section 42 of the Internal Revenue Code and grant timely approval to allow the project to proceed.