Minnesota HF1488 modifies requirements for class 4d(1) low-income rental housing property tax classification.

Minnesota HF1488 amends the property tax classification for low-income rental housing, specifically class 4d(1). It requires that at least 20% of units in a rental property meet certain criteria to qualify for this classification. These criteria include units under a housing assistance contract, rent-restricted and income-restricted units receiving tax credits, units financed by the Rural Housing Service, or units subject to federal or state rent and income restrictions.

Minnesota HF1488 modifies requirements for class 4d(1) low-income rental housing property tax classification.

Minnesota HF1488 amends the property tax classification for low-income rental housing, specifically class 4d(1). It requires that at least 20% of units in a rental property meet certain criteria to qualify for this classification. These criteria include units under a housing assistance contract, rent-restricted and income-restricted units receiving tax credits, units financed by the Rural Housing Service, or units subject to federal or state rent and income restrictions.