MN HF1322

Tax increments from redevelopment tax increment financing districts in Minnetonka may be used to assist affordable housing development meeting Minnesota Statutes section 469.1761, subdivisions 2 or 3.

Minnetonka or its economic development authority may transfer up to 15 percent of tax increment from tax increment districts to the city's affordable housing trust fund established under Minnesota Statutes section 462C.16.

Transfers to the affordable housing trust fund are in addition to other tax increment expenditures authorized under Minnesota Statutes section 469.1763, subdivision 2, paragraph (d).

The bill becomes effective the day after Minnetonka's governing body and chief clerical officer comply with Minnesota Statutes section 645.021, subdivisions 2 and 3.