1.1 A bill for an act
1.2 relating to housing; limiting rent increases in certain low-income rental projects
1.3 receiving low-income housing tax credits; amending Minnesota Statutes 2024,
1.4 section 462A.222, by adding a subdivision.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2024, section 462A.222, is amended by adding a subdivision
1.7to read:
1.8 Subd. 5.Limitation on rental increases.This subdivision applies to any project that
1.9is restricted to seniors, as defined by section 462A.37, subdivision 1, paragraph (h), and
1.10that receives low-income housing tax credits provided under section 42 of the Internal
1.11Revenue Code of 1986, as amended. The rent in any rent-restricted unit in a project may
1.12not increase in any 12-month period by a percentage more than the greater of:
1.13 (1) the percentage that benefit amounts for Social Security or Supplemental Security
1.14Income recipients were increased pursuant to United States Code, title 42, sections 415(i)
1.15and 1382f, in the preceding 12-month period, minus one percent; or
1.16 (2) zero percent.
1Section 1.
REVISOR MS/KR 25-0357602/07/25
State of Minnesota
This Document can be made available
in alternative formats upon request
HOUSE OF REPRESENTATIVES
H. F. No. 1605
NINETY-FOURTH SESSION