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SF 889

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/26/2021 10:11am

KEY: stricken = removed, old language.
underscored = added, new language.
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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 2020,
section 462A.05, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2020, section 462A.05, is amended by adding a subdivision
to read:


new text begin Subd. 42. new text end

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

new text begin The agency must 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. The rent, income, or rent and income restrictions
must be contained in a covenant running with the land for at least 30 years.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2021, 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