MN SF5157

Amends Minnesota Statutes section 116J.871 to expand the definition of "financial assistance" subject to prevailing wage requirements for economic development purposes.

Adds tax increment financing under section 469.174 as financial assistance when it provides assistance to developments with 25 or more multifamily housing units or $100,000 or more in assistance to any multifamily housing development.

Maintains existing thresholds: $200,000 or more in grants, $500,000 or more in loans, and tax reductions/credits in geographic areas smaller than the entire state.

Excludes rehabilitation of existing housing, new housing construction under $100,000, and new affordable homeownership units covering 10 or fewer fully detached single-family homes from prevailing wage requirements.

Effective for financial assistance provided after August 1, 2024, with exception for tax increment financing projects where a request for proposal was initiated prior to that date.