Bill > SF3625

This bill amends Minnesota Statutes to limit rent increases in certain low-income rental projects that receive low-income housing tax credits. Specifically, the bill states that the rent in any rent-restricted unit in such a project cannot increase in any 12-month period by a percentage more than the greater of: (1) the percentage that benefit amounts for Social Security or Supplemental Security Income recipients were increased in the preceding 12-month period, minus one percent; or (2) zero percent. This provision applies to projects that are restricted to seniors, as defined by the statute.