2006 Minnesota Statutes

469.1761 INCOME REQUIREMENTS; HOUSING PROJECTS.
    Subdivision 1. Requirement imposed. (a) In order for a tax increment financing district to
qualify as a housing district:
(1) the income limitations provided in this section must be satisfied; and
(2) no more than 20 percent of the square footage of buildings that receive assistance from
tax increments may consist of commercial, retail, or other nonresidential uses.
(b) The requirements imposed by this section apply to property receiving assistance financed
with tax increments, including interest reduction, land transfers at less than the authority's cost
of acquisition, utility service or connections, roads, parking facilities, or other subsidies. The
provisions of this section do not apply to districts located in a targeted area as defined in section
462C.02, subdivision 9, clause (e).
    Subd. 2. Owner occupied housing. For owner occupied residential property, 95 percent of
the housing units must be initially purchased and occupied by individuals whose family income
is less than or equal to the income requirements for qualified mortgage bond projects under
section 143(f) of the Internal Revenue Code.
    Subd. 3. Rental property. For residential rental property, the property must satisfy the
income requirements for a qualified residential rental project as defined in section 142(d) of the
Internal Revenue Code. The requirements of this subdivision apply for the duration of the tax
increment financing district.
    Subd. 4. Noncompliance; enforcement. Failure to comply with the requirements of this
section is subject to section 469.1771.
History: 1Sp1989 c 1 art 14 s 12; 1996 c 471 art 7 s 17; 2000 c 490 art 11 s 27; 2005
c 152 art 2 s 14,15