MN SF4501

Amends Minnesota Statutes section 469.1763, subdivision 2, to modify tax increment financing district expenditure rules for housing projects.

Adds new paragraph (f) allowing authorities to increase by up to 35 percentage points the amount of TIF revenues that can be spent outside the district geographic area for residential rental housing where 10 percent or more of units are occupied by individuals earning 30 percent or less of area median gross income.

Permits these increased expenditures regardless of whether the housing meets Internal Revenue Code section 42 qualified building requirements.

Designates expenditures meeting the new paragraph (f) requirements as legally permitted district expenditures despite restrictions in other statute sections.

Makes the amendment effective the day following final enactment for all tax increment financing districts regardless of certification date.