MN SF3943

Commissioner may reserve bonding authority from Minnesota Housing Finance Agency's 2019 or 2020 allocation for issuing residential rental project bonds to rehabilitate and renovate Fort Snelling Upper Post.

Qualified residential rental project must enter into minimum 25-year agreement with issuer to provide applicable rental rates and incomes for low-income housing tax credits.

Commissioner may issue bonds directly or allocate them to another suitable issuer under an agreement specifying 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 commissioner may utilize for alternative uses under this chapter.

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