This bill amends existing Minnesota housing laws to provide exceptions to income limits for certain workforce housing projects under the Minnesota housing tax credit contribution account grant and loan program. Specifically, it allows for grants or deferred loans to exceed the typical matching requirement of $1 for every $2 provided in grant or loan funds if the project is funded by contributions intended for a specific project in the eligible area. Additionally, the bill expands the allowable use of funds to include workforce housing, alongside low and moderate-income housing, and emphasizes the importance of regulatory changes that can lead to cost reductions in housing development.

Furthermore, the bill clarifies the definitions of disqualified individuals and businesses that are ineligible for grants or loans, particularly those who have made contributions to the housing tax credit account in the current or prior taxable year. It also introduces a requirement for recipients to sign a disclosure confirming their eligibility before applying for funding. Notably, the bill states that the income limit requirement does not apply to projects that meet specific criteria outlined in the amended statute, thereby facilitating more flexibility in funding workforce housing initiatives.

Statutes affected:
Introduction: 462A.39, 462A.40