MN SF2080

Establishes an affordable housing tax capacity reduction program providing 50 percent tax capacity reductions for eligible residential rental properties in participating municipalities.

Requires properties to have at least 20 percent of units available for households earning no more than 60 percent of area median income, with 80 percent occupancy by qualifying residents, and construction beginning on or after January 1, 2024.

Municipalities must adopt resolutions approving program participation and individual properties through majority vote with 30-day advance notice and public hearing; county boards must approve each property within 60 days or reduction is denied.

Minnesota Housing Finance Agency certifies eligible properties by April 1 each assessment year; property owners must file annual certification applications by February 1 with the agency.

Tax capacity reduction applies for 10 to 20 assessment years as determined by the municipality, and the entire program expires December 31, 2030; effective beginning with assessment year 2024.