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Minnesota Legislature

Office of the Revisor of Statutes

HF 1574

as introduced - 91st Legislature (2019 - 2020) Posted on 03/07/2019 07:33pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to housing; maximizing the state's investment; preventing displacement;
requiring rental housing projects financed at least in part by the Housing Finance
Agency to be affordable for at least 30 years; amending Minnesota Statutes 2018,
section 462A.05, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2018, section 462A.05, is amended by adding a subdivision
to read:


new text begin Subd. 42. new text end

new text begin 30-year affordability covenants. new text end

new text begin The agency may impose rent, income, or
rent and income restrictions on a multifamily rental housing development as a condition of
agency financing as required in this chapter, or as a condition of an allocation or award of
federal low-income housing tax credits. If the agency imposes rent, income, or rent and
income restrictions on a multifamily rental housing development, the rent, income, or rent
and income restrictions must be contained in a covenant running with the land for at least
30 years. The agency may waive this requirement if it determines a waiver is necessary to
finance an affordable multifamily rental housing development that furthers the policies in
this chapter.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2020, and applies on or after that
date to any multifamily rental housing development for which the agency allocates
low-income housing tax credits or funding, or with which the agency enters into a financing
or grant agreement.
new text end