.................... moves to amend H.F. No. 2535 as follows:
Delete everything after the enacting clause and insert:
"Section 1. Minnesota Statutes 2006, section 462A.21, is amended by adding a
subdivision to read:
1.5 Subd. 32. Nonprofit housing bonds account. The agency may establish a nonprofit
1.6housing bond account as a separate account within the housing development fund.
1.7Proceeds of nonprofit housing bonds and payments made by the state pursuant to section
1.8462A.36 may be deposited in the account. The agency may transfer the proceeds of
1.9nonprofit housing bonds to another account within the housing development fund that it
1.10determines appropriate to accomplish the purposes for which the bonds are authorized
1.11under section 462A.36.
Sec. 2. [462A.36] NONPROFIT HOUSING BONDS; AUTHORIZATION;
1.14 Subdivision 1. Definitions. (a) For purposes of this section the following terms have
1.15the meanings given them in this subdivision.
1.16 (b) "Debt service" means the amount payable in any fiscal year of principal of,
1.17premium, if any, and interest on nonprofit housing bonds and the fees, charges, and
1.18expenses related to the bonds.
1.19 (b) "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended.
1.20 (c) "Nonprofit housing bonds" means bonds issued by the agency under chapter
1.21462A that are "qualified 501(c)(3) bonds" (within the meaning of Section 145(a) of
1.22the Internal Revenue Code) or are not "private activity bonds" (within the meaning of
1.23Section 141(a) of the Internal Revenue Code), for the purpose of financing or refinancing
1.24affordable housing authorized under chapter 462A.
1.25 Subd. 2. Appropriation of debt service; payment to the agency or trustee.
1.26 (a) Up to $2,400,000 annually is appropriated from the general fund for deposit in the
2.1nonprofit housing bond account established in section 462A.21, subdivision 32, to pay the
2.2debt service on nonprofit housing bonds. The appropriation may be made for no more
2.3than 20 years, commencing with the fiscal year beginning July 1, 2009.
2.4 (b) On July 1 of each year, but no earlier than July 1, 2009, and for so long as any
2.5nonprofit housing bonds are outstanding, the state must transfer from the general fund
2.6to the nonprofit housing bond account established under section 462A.21, subdivision
2.732, the amount of debt service payable in the fiscal year certified by the agency to the
2.8commissioner of finance, not to exceed $2,400,000 annually.
2.9 (c) The agency may pledge to the payment of the nonprofit housing bonds the
2.10payments to be made by the state pursuant to this section.
2.11 Subd. 3. No full faith and credit. The nonprofit housing bonds are not public debt
2.12of the state, and the full faith and credit and taxing powers of the state are not pledged
2.13to the payment of the nonprofit housing bonds or to any payment that the state agrees to
2.14make under this section. The bonds must contain a conspicuous statement to such effect.
2.15 Subd. 4. Authorization. The agency may issue up to $30 million of nonprofit
2.16housing bonds in one or more series to which the payments made pursuant to this section
2.17may be pledged. The nonprofit housing bonds authorized in this subdivision may be issued
2.18for the purpose of making loans, on terms and conditions the agency deems appropriate,
2.19to finance the costs of the construction, acquisition, preservation, and rehabilitation of
2.20permanent supportive housing for individuals and families who (1) either have been
2.21without a permanent residence for at least 12 months or at least four times in the last three
2.22years or (2) are at significant risk of lacking a permanent residence for 12 months or at
2.23least four times in the last three years. An insubstantial portion of the bond proceeds
2.24may be used for permanent supportive housing for individuals and families experiencing
2.25homelessness who do not meet the criteria of the previous sentence. For purposes of this
2.26subdivision "permanent supportive housing" means housing that is not time-limited and
2.27provides or coordinates with linkages to services necessary for residents to maintain
2.28housing stability and maximize opportunities for education and employment.
Amend the title accordingly