1.1.................... moves to amend H.F. No. 2700 as follows:
1.2Page 61, delete sections 34 to 35 and insert:

1.3    "Sec. 34. Minnesota Statutes 2008, section 462A.36, is amended by adding a
1.4subdivision to read:
1.5    Subd. 2a. Authorization; foreclosed and abandoned properties. (a) The agency
1.6may issue up to $5,000,000 of nonprofit housing bonds in one or more series to which the
1.7payments made under this section may be pledged.
1.8(b) The agency shall use 50 percent of funds from any nonprofit housing bonds
1.9issued under this subdivision for the purpose of making grants, on terms and conditions
1.10the agency deems appropriate, to neighborhood land trusts authorized under section
1.11462A.31, to acquire land for preservation and rehabilitation of foreclosed, abandoned,
1.12or vacant residential properties. Grants to acquire land made under this subdivision are
1.13a supplement to be used by the agency with other sources of funding, and the agency
1.14must consider the award of a grant under this subdivision when making decisions under
1.15other funding programs for preservation and rehabilitation of foreclosed, abandoned,
1.16or vacant residential properties.
1.17(c) The agency shall use 50 percent of funds from any nonprofit housing bonds issued
1.18under this subdivision for the purpose of making loans or grants, on terms and conditions
1.19the agency deems appropriate, to finance the costs of acquisition, preservation, and
1.20rehabilitation of foreclosed, abandoned, or vacant residential rental properties. The agency
1.21shall make loans or grants under this paragraph in a manner that meets the requirements of
1.22the economic development and housing challenge program under section 462A.33.

1.23    Sec. 35. Minnesota Statutes 2008, section 462A.36, subdivision 4, is amended to read:
1.24    Subd. 4. Appropriation Appropriations; payment to the agency or trustee. (a)
1.25The agency must certify annually to the commissioner of management and budget the
2.1actual amount of annual debt service on each series of bonds issued under subdivision
2.2subdivisions 2 and 2a, respectively.
2.3    (b) Each July 15, beginning in 2009 and through 2031, if any nonprofit housing
2.4bonds issued under subdivision 2 remain outstanding, the commissioner of management
2.5and budget must transfer to the nonprofit housing bond account established under
2.6section 462A.21, subdivision 32, the amount certified under paragraph (a), not to exceed
2.7$2,400,000 annually. The amounts necessary to make the transfers are appropriated from
2.8the general fund to the commissioner of management and budget.
2.9    (c) Each July 15, beginning in 2010 and through 2032, if any nonprofit housing
2.10bonds issued under subdivision 2a remain outstanding, the commissioner of management
2.11and budget must transfer to the nonprofit housing bond account the amount certified
2.12under paragraph (a), not to exceed $400,000 annually. The amounts necessary to make
2.13the transfers are appropriated from the general fund to the commissioner of management
2.14and budget.
2.15(d) The agency may pledge to the payment of the nonprofit housing bonds the
2.16payments to be made by the state under this section."
2.17Amend the title accordingly