Limits rent increases for low-income rental projects receiving federal housing tax credits.

SF1652 amends Minnesota Statutes to cap rent increases for low-income rental projects receiving federal housing tax credits. The bill applies to projects restricted to seniors and receiving tax credits under section 42 of the Internal Revenue Code. Rent in any rent-restricted unit may not increase by more than the greater of the percentage increase in Social Security or Supplemental Security Income benefit amounts or zero percent.

Limits rent increases for low-income rental projects receiving federal housing tax credits.

SF1652 amends Minnesota Statutes to cap rent increases for low-income rental projects receiving federal housing tax credits. The bill applies to projects restricted to seniors and receiving tax credits under section 42 of the Internal Revenue Code. Rent in any rent-restricted unit may not increase by more than the greater of the percentage increase in Social Security or Supplemental Security Income benefit amounts or zero percent.