This week, the Minnesota House released a $600 million bonding bill. The bill includes only $10 million general obligation bonds for public housing and no new Housing Infrastructure bonds. While the bill does reauthorize $20 million in housing infrastructure bonds (HIB) from 2014 and 2015, these are not new investments.
Pipeline projects across the state will continue to be delayed if there are no new HIB in this year’s bonding bill.
Please take a moment to urge Speaker Daudt and your House Representative to include $100 million in bonds for housing: $80 million in Housing Infrastructure Bonds and $20 million in General Obligation bonds.
Here's a script for your call or email.
Dear [insert Speaker Daudt/your Representative's name here]
[Insert brief paragraph on your company/organization. If possible, include the number of units you have developed or manage and how many households you serve. Briefly mention your geographic scope]
Right now, H.F. 892 does not include new bonds for housing. I urge you to include $100 million in bonds for housing: $80 million in Housing Infrastructure Bonds and $20 million in General Obligation bonds.
This resource is critical to expanding housing opportunities across the state. Between 2012 and 2015, $120 million in Housing Infrastructure Bonds (HIB) has led to the development of 1,873 units and $25.5 million in General Obligation Bonds (GO) has maintained 3,388 units. Without HIB, thousands fewer units will be developed or preserved and without GO, HRAs across the state will not be able to perform necessary maintenance to ensure safe housing for their tenants.
Now is the time to invest in bonds for housing. Never before has the opportunity to leverage private capital investment been so great. Even with private investment, many of the current projects require partnership with the state to help fill the gap between what it costs to construct the project and the rents that households can pay.
[If you have a development in the pipeline seeking HIB or GO, mention what that project will mean for your community. Or a project you’ve recently completed. If a preservation project, please include how much in federal funding was maintained. If you leveraged significant private capitol, please mention.]
Time is running out this session and Minnesotans deserve a decent, safe and affordable place to live. Please act now to ensure adequate funding for housing.
[Email or phone contact information]