Use of housing infrastructure bonds allowed on adaptive reuse to develop supportive housing and permanent housing for households at or below 50 percent of the area median income.

HF 1340 amends Minnesota law to allow housing infrastructure bonds to fund adaptive reuse projects (converting existing buildings like offices or stores into housing) for permanent and supportive housing. It directly affects low-income households earning 50% or less of the area median income (AMI) and housing developers seeking bond financing. The bill expands existing bond program uses to specifically include adaptive reuse for these affordable housing projects, requiring new construction to meet accessibility standards (e.g., roll-in showers, sensory-accessible units). This change to Minnesota Statutes 462A.37, section 2, broadens the program’s scope without creating new funding.