This bill amends existing Minnesota housing laws to provide exceptions to income limits for certain workforce housing projects and modifies the matching requirements for the workforce housing development program. Specifically, it allows grants or deferred loans awarded to eligible project areas to count toward the matching requirement if they are funded by contributions to the Minnesota housing tax credit account intended for a specific project. 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, ensuring that those who have made contributions to the housing tax credit account in the current or prior taxable year cannot benefit from these funds. It also stipulates that eligible recipients must use the funds to serve households meeting specific income limits, although this requirement is waived for projects that meet certain criteria outlined in the bill. Overall, the legislation aims to enhance the availability of workforce housing in Minnesota while ensuring accountability and proper use of funding.

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