HF 3350

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/07/2024 04:28pm

A bill for an act
relating to housing; limiting rent increases in certain low-income rental projects
receiving low-income housing tax credits; amending Minnesota Statutes 2022,
section 462A.222, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2022, section 462A.222, is amended by adding a subdivision
to read:

new text begin Subd. 5. new text end

new text begin Limitation on rental increases. new text end

new text begin This subdivision applies to any project that
is restricted to seniors, as defined by section 462A.37, subdivision 1, paragraph (h), and
that receives low-income housing tax credits provided under section 42 of the Internal
Revenue Code of 1986, as amended. The rent in any rent-restricted unit in a project may
not increase in any 12-month period by a percentage more than the greater of:
new text end

new text begin (1) the percentage that benefit amounts for Social Security or Supplemental Security
Income recipients were increased pursuant to United States Code, title 42, sections 415(i)
and 1382f, in the preceding 12-month period, minus one percent; or
new text end

new text begin (2) zero percent.
new text end