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 in section 462A.37, subdivision 1, paragraph (h). The legislation stipulates that rent in any rent-restricted unit within these projects cannot increase by more than the greater of two specified percentages in any 12-month period: the percentage increase in benefits for Social Security or Supplemental Security Income recipients from the previous year, minus one percent, or zero percent.

The intent of this bill is to provide financial stability for low-income seniors living in these housing projects by capping rent increases to align with limited income growth, thereby preventing excessive rent hikes that could lead to housing instability. This measure aims to ensure that affordable housing remains accessible to vulnerable populations who rely on fixed incomes.

Statutes affected:
Introduction: 462A.222