On May 30, Governor Mark Dayton signed into law the omnibus bonding bill (HF 4425). The bill authorizes Minnesota Housing to issue additional Housing Infrastructure Bonds (HIBs), approximately $60 million of which will be made available to applicants for the 2018 Consolidated RFP.
A variety of projects are eligible for proceeds from HIBs, with HF 4425 broadening the eligible uses:
- New use – Affordable housing for seniors age 55 and older earning approximately $24,000-$40,000 per year
- New use – Manufactured home park improvements and infrastructure
- New priority – $30 million for permanent supportive housing for people with behavioral health needs – this priority will still be scored under preexisting scoring criteria.
HIB proceeds will continue to be available for preservation of federally subsidized rental housing, construction of permanent supportive housing for persons/families experiencing or at risk of homelessness, and for Community Land Trust land acquisitions for single family home ownership.
It is anticipated that bond proceeds will also remain for 2019. Minnesota Housing encourages potential applicants to reach out to [email protected] in the fall to pursue technical assistance on proposals eligible for HIB funding for consideration in the 2019 Consolidated RFP.
