MN SF3164

Adds tax increment financing under section 469.174 to the definition of "financial assistance" if it provides assistance to a multifamily housing development with 25 or more units, or $100,000 or more to any multifamily housing development.

Includes allocations of low-income housing credits by suballocators under section 462A.222 as "financial assistance" when used for multifamily housing projects consisting of more than ten units.

Maintains existing "financial assistance" definitions including state grants of $200,000 or more, state loans of $500,000 or more, and tax reductions in geographically limited areas granted for economic development purposes.

Excludes rehabilitation of existing housing, new housing construction under $100,000 at a single site, and new construction of ten or fewer fully detached single-family affordable homeownership units from the definition of "economic development."

Takes effect for financial assistance provided after August 1, 2024.