Minnesota HF1605 limits rent increases in senior housing projects receiving low-income housing tax credits.

Minnesota HF1605 amends state law to limit rent increases in senior housing projects that receive low-income housing tax credits. The rent in any rent-restricted unit in such projects may not increase by more than the greater of the percentage that Social Security or Supplemental Security Income benefit amounts were increased in the preceding 12-month period minus one percent, or zero percent. This provision aims to protect seniors from excessive rent hikes in their housing.

Minnesota HF1605 limits rent increases in senior housing projects receiving low-income housing tax credits.

Minnesota HF1605 amends state law to limit rent increases in senior housing projects that receive low-income housing tax credits. The rent in any rent-restricted unit in such projects may not increase by more than the greater of the percentage that Social Security or Supplemental Security Income benefit amounts were increased in the preceding 12-month period minus one percent, or zero percent. This provision aims to protect seniors from excessive rent hikes in their housing.