Minnesota 2023-2024 Regular Session

Minnesota Senate Bill SF4940

Introduced
3/13/24  

Caption

Housing infrastructure program appropriation modification, expansion of eligible uses of housing infrastructure bonds, and establishing a task force

Impact

One of the notable aspects of SF4940 is its requirement for at least 50% of awarded funding to be directed towards recapitalization projects through housing infrastructure bonds. This could significantly impact existing statutes concerning affordable housing funding and management. Additionally, the emphasis on supportive housing projects aims to better address the needs of vulnerable populations, including veterans and individuals facing homelessness. The bill also mandates that the funding process takes into consideration geographic balance, promoting equity in housing opportunities across urban and rural areas.

Summary

SF4940 focuses on modifying and expanding the existing housing infrastructure program in Minnesota. Primarily, it expands the eligible uses of housing infrastructure bonds and details provisions for recapitalization. The bill aims to assist in financing affordable housing projects, particularly in areas such as rehabilitation, acquisition of foreclosed properties, and supporting supportive housing for individuals without permanent residences. The intent is to enhance the availability and stability of affordable housing in the state through improved funding mechanisms and strategic project prioritization.

Contention

Discussions surrounding SF4940 indicate points of contention regarding the allocation of funding and the prioritization of certain projects over others. Critics may argue about the effectiveness of recapitalization in truly addressing housing shortages as they express concerns whether the focus on financial aspects overshadows the development of new housing projects. Furthermore, the establishment of task forces to evaluate insurance costs and the long-term sustainability of affordable housing shows a proactive approach but might create additional layers of oversight that some stakeholders could find cumbersome.

Companion Bills

MN HF4819

Similar To Eligible uses of housing infrastructure bonds expanded, recapitalization provided, housing infrastructure program prior appropriation amended, task force established, and reports required.

Previously Filed As

MN HF4819

Eligible uses of housing infrastructure bonds expanded, recapitalization provided, housing infrastructure program prior appropriation amended, task force established, and reports required.

MN HF4194

Housing; prior appropriations modified, new programs established and existing programs modified, housing infrastructure bond eligible uses expanded, housing infrastructure bond issuance authorized, working group and task force established, reports required, and money appropriated.

MN HF302

Eligible use of housing infrastructure bonds added, issuance of housing infrastructure bonds prescribed, and bonds issued.

MN HF1667

Eligible uses for housing infrastructure bonds expanded.

MN SF4158

Omnibus Housing supplemental appropriations

MN SF3503

Locally controlled housing fund establishment; allowable uses for housing infrastructure bonds modification; sale and issuance of state bonds authorization; appropriating money

MN SF2601

Housing infrastructure bonds to be issued for veterans housing authorization and appropriation

MN SF3768

Greater Minnesota Housing Infrastructure program modifications; Greater Minnesota Housing Infrastructure program bond issue and appropriation

MN HF1874

Minnesota Housing Finance Agency policy provisions adopted, agency debt limit increased, authority to issue bonds expanded, eligibility requirements and uses for agency funding expanded, and housing infrastructure bond uses expanded.

MN SF1093

Housing provisions modifications and appropriation

Similar Bills

MN HF916

Tax expenditure provisions modified, and past tax expenditure purpose statements provided.

MN HF3284

REAL ID implementation law repealed.

MN SF3492

REAL ID implementation law repealer

MN HF20

Wage credits modified and reimbursement provided, general fund transfers authorized, unemployment insurance aid provided, report required, and money appropriated.

MN SF32

Wage credits modification and reimbursement provision; unemployment insurance aid establishment and appropriation

MN HF4840

Refundable sales and use tax exemptions provided for independent school district construction projects.

MN SF4803

Various independent school district construction projects sales and use tax exemption provision and appropriation

MN HF5040

Pensions supplemental budget bill.