1997 Minnesota Statutes

     273.1318 Class 4c low-income housing; eligible units. 

    Subdivision 1.    Income limitation.  (a) Subject to the 
 exception in paragraph (b), for a building for which application 
 is made for class 4c for taxes payable in 1994 and thereafter, 
 and which was not class 4c for taxes payable in 1993, only those 
 units occupied by a household whose income is 100 percent or 
 less of the county or area median income adjusted for family 
 size as determined by the department of housing and urban 
 development are eligible for class 4c. 

    (b) For a building for which application is made for class 
 4c for taxes payable in 1994 and thereafter, for which a formal 
 application was received by a local, state, or federal agency 
 for financing, refinancing, or insurance before July 1, 1992, 
 and for a building that was classified as class 4c for taxes 
 payable in 1993 or an earlier year, the income limit is 100 
 percent or less of county or area median income not adjusted for 
 family size as determined by the department of housing and urban 
 development. 

    Subd. 2.    Annual determination.  With regard to 
 buildings, the construction of which had been commenced after 
 December 31, 1982; or the project of which the building was a 
 part was approved by the governing body of the municipality in 
 which it is located subsequent to June 29, 1983; or financing of 
 the project had been approved by a federal or state agency 
 subsequent to June 29, 1983, a governmental agency providing 
 financing or mortgage insurance for a building qualifying for 
 class 4c or 4d or other entity must annually review income 
 records maintained by the owner of the property to determine the 
 units that qualify for a class 4c or 4d rate under this 
 section.  The income records must reflect household income at 
 the commencement of the tenancy, and thereafter, when household 
 composition changes.  If the entity is not a governmental 
 agency, the entity must be approved by the department of 
 revenue.  The agency or other entity shall report to the 
 assessor responsible for assessing the property at the time and 
 in the manner required by the assessor.  The income records must 
 be made available to the assessor.  The assessor shall determine 
 the units that qualify for a class 4c or 4d rate. 

    HIST: 1992 c 511 art 2 s 19; 1993 c 375 art 5 s 27