MN SF33

Amends Minnesota Statutes section 273.128 governing property tax classification for low-income rental housing classified as 4d(1)

Removes the income and rent restriction requirements that previously applied specifically to units receiving financial assistance from federal, state, or local government (clause 4), while maintaining these requirements for other qualifying unit types

Requires property owners receiving 4d(1) classification to use property tax savings exclusively for eligible purposes: property maintenance, security, improvements, rent stabilization, or replacement reserve account increases

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

Effective beginning with assessment year 2026