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SF1652 (Legislative Session 94 (2025-2026))

Certain low-income rental projects receiving low-income housing tax credits rent increase limitation provision

Related bill: HF1605

AI Generated Summary

This bill, S.F. No. 1652, proposes a limitation on rent increases for certain low-income rental projects in Minnesota that receive low-income housing tax credits. It specifically applies to housing projects designated for seniors.

Key Provisions:

  • Applies to senior-restricted housing projects (as defined in Minnesota Statutes section 462A.37, subdivision 1, paragraph (h)) that receive low-income housing tax credits under Section 42 of the Internal Revenue Code.
  • Limits rent increases for rent-restricted units in these projects within a 12-month period to the greater of:
    1. The percentage increase in Social Security or Supplemental Security Income (SSI) benefits over the previous 12 months, minus 1%, or
    2. 0% (no increase)

This ensures that rent hikes remain aligned with cost-of-living increases for seniors, helping to prevent significant financial burdens on low-income senior residents.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
February 19, 2025SenateFloorActionIntroduction and first reading
February 19, 2025SenateFloorActionReferred toHousing and Homelessness Prevention
March 05, 2025SenateFloorActionAuthor added

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill references section 462A.37 to define 'seniors' in the context of housing projects.",
      "modified": []
    },
    "citation": "462A.37"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill refers to U.S. Code sections related to Social Security to establish limits on rental increases based on benefit increments.",
      "modified": []
    },
    "citation": "42 U.S. Code sections 415(i) and 1382(f)"
  }
]

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