The bill aims to limit rent increases for certain low-income rental projects that receive low-income housing tax credits, specifically those restricted to seniors. It amends Minnesota Statutes 2024, section 462A.222, by adding a new subdivision that establishes a cap on rent increases for rent-restricted units in these projects. The rent cannot increase by more than the greater of two specified percentages: the percentage increase in benefits for Social Security or Supplemental Security Income recipients from the previous year, minus one percent, or zero percent.

This legislative change is designed to provide financial stability for low-income seniors living in these housing projects by preventing excessive rent hikes that could jeopardize their ability to afford housing. The bill reflects a commitment to protecting vulnerable populations and ensuring that affordable housing remains accessible to those who rely on it.

Statutes affected:
Introduction: 462A.222