MN SF4296

Adds "naturally occurring affordable housing" (NOAH) as an authorized use of housing infrastructure bonds, allowing up to $30,000,000 in aggregate principal amount of bonds to finance acquisition and rehabilitation of NOAH to preserve long-term affordable housing sources.

Defines "naturally occurring affordable housing" as multiunit rental housing where the majority of units are affordable to individuals and families with incomes at or below 60 percent of area median income, without place-based state or federal governmental subsidies.

Amends Minnesota Statutes section 462A.37 to add NOAH rehabilitation as clause (7) among the allowable purposes for housing infrastructure bond financing, alongside existing uses for supportive housing, foreclosed/abandoned housing, senior housing, and federally assisted rental housing.

Establishes that the agency must balance loans between metropolitan and non-metropolitan areas, and within non-metropolitan areas, balance loans between counties or cities with populations of 20,000 or less and those exceeding 20,000.