MN HF4994

Expands the definition of "financial assistance" for economic development purposes to include tax increment financing under section 469.174 when it provides assistance to multifamily housing developments of 25 units or more, or $100,000 or more to any development.

Adds allocations of low-income housing credits by all suballocators under section 462A.222 to the definition of "financial assistance" when tax credits are used for multifamily housing projects consisting of more than ten units.

Modifies the definition of "project" under section 177.42 to include alteration, improvement, and restoration activities for buildings and structures owned by cities, counties, or school districts when materials and supplies qualify for sales and use tax exemptions.

Effective date for financial assistance changes is August 1, 2024.