MN SF2590

Limits rent increases to no more than 5 percent during any 12-month period for low-income rental properties classified as class 4d that receive valuation under Minnesota Statutes section 273.128.

Requires applicants claiming the valuation to certify to the Housing Finance Agency that they will maintain the 5 percent rent increase cap from the date of application through the taxable year they receive the valuation.

Restricts assisted units to residents with household income not exceeding 60 percent of area or state median income (whichever is greater) and caps rents at 30 percent of that income level.

Amends residential rental bond eligibility requirements under section 474A.047 to prohibit rent increases exceeding 5 percent during any 12-month period at projects financed with these bonds.

Requires owners of projects with project-based federal rental assistance to enter binding agreements extending low-income affordability restrictions and rental assistance contracts for the maximum permitted term.