MN SF4724

Modifies requirements for class 4d(1) low-income rental housing property tax classification in Minnesota to require that at least 20 percent of units meet specific affordable housing qualifications, including Section 8 contracts, low-income housing tax credits, Rural Housing Service financing, or state/federal/local financial assistance with recorded rent and income restrictions.

Requires assisted units under clause (4) to be occupied by residents with household income not exceeding 60 percent of area or state median income (adjusted for family size) and rents not exceeding 30 percent of that income threshold.

Mandates property owners certified as class 4d(1) to use property tax savings for eligible uses including property maintenance, security, improvements, rent stabilization, or replacement reserve account increases.

Requires property owners to annually reapply and certify to the Housing Finance Agency that property tax savings were used for eligible purposes to maintain the 4d(1) classification.

Effective beginning with assessment year 2025.