MN SF2667

Increases the authorization for outside-district expenditures from tax increment financing (TIF) districts to 15 percentage points for Minnetonka, Richfield, and St. Louis Park (and their respective development authorities)

Requires the increased expenditure authority to be used exclusively for transfers to local housing trust funds established under Minnesota Statutes section 462C.16

Restricts rental housing funds to benefit households at or below 80% of area median income

Restricts homeownership housing funds to benefit households at or below 120% of area median income

Transferred increment loses its statutory classification as "increment" and becomes exempt from annual TIF reporting requirements