MN HF1666

Authorizes the city of Richfield to use tax increments from tax increment financing districts to assist affordable housing development that meets Minnesota Statutes section 469.1761, subdivisions 2 or 3.

Allows Richfield or its housing and redevelopment authority to transfer up to 15 percent of tax increments from redevelopment tax increment districts to the city's Affordable Housing Trust Fund for expenditures complying with the trust fund ordinance.

Permits transfers of previously accumulated tax increment amounts in addition to other tax increment expenditures under Minnesota Statutes section 469.1763, subdivision 2, paragraph (d).

Authority to make tax increment transfers expires December 31, 2030.

Effective date is the day after the city of Richfield's governing body and chief clerical officer comply with Minnesota Statutes section 645.021, subdivisions 2 and 3.