This bill amends Minnesota Statutes 2024, section 462A.222, by adding a new subdivision that establishes limitations on rent increases for certain low-income rental projects that receive low-income housing tax credits. Specifically, it applies to projects restricted to seniors, as defined by existing law. The bill stipulates that the rent for any rent-restricted unit in these projects cannot increase by more than the greater of two specified percentages within any 12-month period: the percentage increase in benefits for Social Security or Supplemental Security Income recipients, minus one percent, or zero percent.

The intent of this legislation is to provide financial stability for low-income seniors living in these housing projects by capping rent increases to align with federal benefit adjustments, thereby preventing excessive rent hikes that could jeopardize their housing security. This measure aims to ensure that affordable housing remains accessible to vulnerable populations while still allowing for some adjustments in rent based on economic factors.

Statutes affected:
Introduction: 462A.222