Minnesota Senate Bill SF1652 Introduced / Bill

                    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.​
1​Section 1.​
25-03576 as introduced​02/07/25 REVISOR MS/KR​
SENATE​
STATE OF MINNESOTA​
S.F. No. 1652​NINETY-FOURTH SESSION​
(SENATE AUTHORS: ABELER and Hoffman)​
OFFICIAL STATUS​D-PG​DATE​
Introduction and first reading​02/20/2025​
Referred to Housing and Homelessness Prevention​