2002 Minnesota Statutes

     477A.065 New construction low-income housing aid. 

    Subdivision 1.    Eligibility.  Each taxes payable year, 
 each city containing class 4d property on which initial 
 construction was begun after January 1, 1999, shall be eligible 
 for aid equal to (1) 1.5 times the net tax capacity of the 
 property for the assessment year corresponding to the taxes 
 payable year, multiplied by (2) the city government's average 
 local tax rate for the previous taxes payable year. 

    Subd. 2.    Certification.  The county assessor shall 
 notify the commissioner of revenue of the amount determined 
 under subdivision 1, clause (1), for any city which qualifies 
 for aid under this section by June 30 of each assessment year, 
 in a form prescribed by the commissioner.  The commissioner 
 shall notify each city of its qualifying aid amount by August 15 
 of the assessment year.  

    Subd. 3.    Appropriation; payment.  The commissioner 
 shall pay each city its qualifying aid amount on or before July 
 20 of each year.  An amount sufficient to pay the aid authorized 
 under this section is appropriated to the commissioner of 
 revenue from the general fund each year. 

    HIST: 1998 c 389 art 4 s 11