Minnesota SF33 modifies requirements for class 4d(1) low-income rental housing.

Minnesota SF33 amends the requirements for class 4d(1) low-income rental housing. It specifies that to qualify, at least 20% of units must meet certain federal or state housing assistance criteria. Owners must use property tax savings for maintenance, security, or other eligible uses. The bill also sets income limits for residents and rent caps based on area or state median income. This change takes effect starting with assessment year 2026.

Minnesota SF33 modifies requirements for class 4d(1) low-income rental housing.

Minnesota SF33 amends the requirements for class 4d(1) low-income rental housing. It specifies that to qualify, at least 20% of units must meet certain federal or state housing assistance criteria. Owners must use property tax savings for maintenance, security, or other eligible uses. The bill also sets income limits for residents and rent caps based on area or state median income. This change takes effect starting with assessment year 2026.