Housing infrastructure bond issue authorization to finance a grant to Face to Face Health Counseling Services

This bill authorizes the issuance of up to $8 million in housing infrastructure bonds to provide funding for a specific nonprofit organization called Face to Face Health and Counseling Services. The funds are designated to build and equip a facility in St. Paul that will offer 20 units of affordable housing along with on-site support services for young people between the ages of 18 and 24. To finance this project, the state will issue bonds and transfer money from the general fund to a dedicated account to cover the debt payments associated with those bonds over several decades. The legislation amends existing state statutes to formally allow these new bonds and establish the rules for how the repayment money will be collected and managed.