| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 1.1 A bill for an act | |
| 2 | 2 | 1.2 relating to housing; limiting rent increases in certain low-income rental projects | |
| 3 | 3 | 1.3 receiving low-income housing tax credits; amending Minnesota Statutes 2024, | |
| 4 | 4 | 1.4 section 462A.222, by adding a subdivision. | |
| 5 | 5 | 1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: | |
| 6 | 6 | 1.6 Section 1. Minnesota Statutes 2024, section 462A.222, is amended by adding a subdivision | |
| 7 | 7 | 1.7to read: | |
| 8 | 8 | 1.8 Subd. 5.Limitation on rental increases.This subdivision applies to any project that | |
| 9 | 9 | 1.9is restricted to seniors, as defined by section 462A.37, subdivision 1, paragraph (h), and | |
| 10 | 10 | 1.10that receives low-income housing tax credits provided under section 42 of the Internal | |
| 11 | 11 | 1.11Revenue Code of 1986, as amended. The rent in any rent-restricted unit in a project may | |
| 12 | 12 | 1.12not increase in any 12-month period by a percentage more than the greater of: | |
| 13 | 13 | 1.13 (1) the percentage that benefit amounts for Social Security or Supplemental Security | |
| 14 | 14 | 1.14Income recipients were increased pursuant to United States Code, title 42, sections 415(i) | |
| 15 | 15 | 1.15and 1382f, in the preceding 12-month period, minus one percent; or | |
| 16 | 16 | 1.16 (2) zero percent. | |
| 17 | 17 | 1Section 1. | |
| 18 | 18 | 25-03576 as introduced02/07/25 REVISOR MS/KR | |
| 19 | 19 | SENATE | |
| 20 | 20 | STATE OF MINNESOTA | |
| 21 | 21 | S.F. No. 1652NINETY-FOURTH SESSION | |
| 22 | 22 | (SENATE AUTHORS: ABELER and Hoffman) | |
| 23 | 23 | OFFICIAL STATUSD-PGDATE | |
| 24 | 24 | Introduction and first reading02/20/2025 | |
| 25 | 25 | Referred to Housing and Homelessness Prevention |