This bill amends Minnesota Statutes to modify the definitions related to economic development and financial assistance. It expands the definition of "financial assistance" to include tax increment financing for multifamily housing developments with 25 units or more or those receiving $100,000 or more in assistance, as well as allocations of low-income housing credits for multifamily projects with more than ten units. Additionally, the definition of "economic development" is clarified to exclude certain types of housing financial assistance, such as for projects under $100,000 or for single-family affordable homeownership units limited to ten units. The effective date for these changes is set for financial assistance provided after August 1, 2024.

Furthermore, the bill revises the definition of "project" to encompass a broader range of activities, including demolition, construction, alteration, and improvement of structures and land intended for public use or benefit. It specifies that a project may qualify if it is partially funded by state funds or if it is owned by a local government entity and meets certain tax exemption criteria. These changes aim to enhance economic development efforts and clarify the types of projects eligible for financial assistance in Minnesota.