Minnesota HF1159 expands eligible uses of increment from tax increment financing districts to include transfers to local housing trust funds and.

Minnesota HF1159 amends the state statutes to allow tax increment financing districts to transfer increments to local housing trust funds. The bill specifies that these funds must be allocated according to the city's ordinance or policy for rental and homeownership distributions. Funds for rental housing must benefit households at or below 60 percent of area median income, while funds for homeownership must benefit households at or below 120 percent of area median income. The bill also sets limits on the market value of housing that can be financed with these funds.

Minnesota HF1159 expands eligible uses of increment from tax increment financing districts to include transfers to local housing trust funds and.

Minnesota HF1159 amends the state statutes to allow tax increment financing districts to transfer increments to local housing trust funds. The bill specifies that these funds must be allocated according to the city's ordinance or policy for rental and homeownership distributions. Funds for rental housing must benefit households at or below 60 percent of area median income, while funds for homeownership must benefit households at or below 120 percent of area median income. The bill also sets limits on the market value of housing that can be financed with these funds.