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SF 2881

2nd Engrossment - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
  1.1                          A bill for an act 
  1.2             relating to housing; specifying certain discretionary 
  1.3             municipal subdivision authority; amending Minnesota 
  1.4             Statutes 2000, section 462.358, by adding a 
  1.5             subdivision. 
  1.7      Section 1.  Minnesota Statutes 2000, section 462.358, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 11.  [AFFORDABLE HOUSING.] For the purposes of this 
  1.10  subdivision, a "development application" means subdivision, 
  1.11  planned unit development, site plan, or other similar type 
  1.12  action.  If a municipality, in approving a development 
  1.13  application that provides all or a portion of the units for 
  1.14  persons and families of low and moderate income, so proposes, 
  1.15  the applicant may request that provisions authorized by clauses 
  1.16  (1) to (4) will apply to housing for persons of low and moderate 
  1.17  income, subject to agreement between the municipality and the 
  1.18  applicant: 
  1.19     (1) establishing sales prices or rents for housing 
  1.20  affordable to low- and moderate-income households; 
  1.21     (2) establishing maximum income limits for initial and 
  1.22  subsequent purchasers or renters of the affordable units; 
  1.23     (3) establishing means, including, but not limited to, 
  1.24  equity sharing, or similar activities, to maintain the long-term 
  1.25  affordability of the affordable units; and 
  2.1      (4) establishing a land trust agreement to maintain the 
  2.2   long-term affordability of the affordable units. 
  2.3   Clauses (1) to (3) shall not apply for more than 20 years from 
  2.4   the date of initial occupancy except where public financing or 
  2.5   subsidy requires longer terms.