MN SF2016

Modifies Minnesota Statutes section 469.1763, subdivision 2, regarding tax increment financing district expenditures outside district boundaries.

Allows up to 10 percentage points increase in permitted out-of-district expenditures for qualified low-income housing that meets Internal Revenue Code section 42 requirements, with market value not exceeding 150% of average single-family home value or $200,000/$125,000 depending on metropolitan area status.

Expands eligible parcels for housing assistance to include any property occupied by one to four family dwelling units where a mortgage was foreclosed under chapters 580, 581, or 582 with applicable redemption periods expired, removing previous restrictions requiring six-month vacancy and owner-occupancy status.

Sets December 31, 2016, as expiration date for the increased out-of-district expenditure authority, though increments may continue for bonds and binding contracts qualifying under specified conditions.

Applies effective date retroactively to any district subject to section 469.1763 regardless of certification request date.