Expands eligible uses of tax increment financing in Minnetonka, Richfield, and St. Louis Park to include transfers to local housing trust funds.

The bill expands the eligible uses of tax increment financing in the cities of Minnetonka, Richfield, and St. Louis Park to include transfers to local housing trust funds. It increases the authorized percentage for expenditures outside the district to 15 percent. The transferred increment must benefit households at or below 80 percent of area median income for rental housing and 120 percent for homeownership housing. The bill imposes requirements on the use of transferred increment.

Expands eligible uses of tax increment financing in Minnetonka, Richfield, and St. Louis Park to include transfers to local housing trust funds.

The bill expands the eligible uses of tax increment financing in the cities of Minnetonka, Richfield, and St. Louis Park to include transfers to local housing trust funds. It increases the authorized percentage for expenditures outside the district to 15 percent. The transferred increment must benefit households at or below 80 percent of area median income for rental housing and 120 percent for homeownership housing. The bill imposes requirements on the use of transferred increment.