HF 1389 Summary

• Authorizes the Commissioner to issue shelter facility appropriation bonds up to $10,000,000 (net of issuance costs) for funding loans or grants to shelter facilities for homeless populations.

• Defines "shelter facility" as a temporary facility providing shelter for homeless individuals without requiring lease or occupancy agreements.

• Bonds may be issued with terms up to 21 years at fixed or variable interest rates and sold through public or private sales.

• Appropriates bond proceeds to the Commissioner of Human Services for a grant to Simpson Housing Services to construct and renovate shelter facilities in Minneapolis, with remaining proceeds for debt service costs.

• Bonds are not pledged by the state's full faith and credit; the legislature must appropriate funds each fiscal year for debt service payments from fiscal year 2022 through 2043.