Bill > SF1906

This bill modifies the Minnesota housing tax credit contribution account grant and loan program by making several key changes to increase flexibility in workforce housing development. Specifically, the bill allows contributions to the Minnesota housing tax credit account that are intended for a specific project to count toward the matching fund requirements, which previously required local governments, businesses, nonprofits, or tribes to match 50% of a project's cost with $1 for every $2 in grant or deferred loan funds. The bill also expands the use of funds to explicitly include workforce housing alongside existing multifamily and single-family development options for low and moderate-income households. Additionally, the bill modifies eligibility restrictions by creating an exception to the income limit requirements for projects meeting certain criteria under section 462A.39, subdivision 4. The changes aim to provide more tools and flexibility for housing development agencies and developers to create housing solutions, particularly for workforce housing, by reducing some of the financial and regulatory barriers to project development. The bill allows grants and loans to be used for various housing-related activities, including new construction, acquisition, rehabilitation, and financing, with a potential preference given to proposals that include regulatory changes that can reduce project costs.

Housing and Urban Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1906&ssn=0&y=2025