SF585

The bill SF No 585 proposes changes in the tax increment financing (TIF) regulations concerning housing districts in Minnesota. These changes include:

1. Extending the application period of both the five- and six-year rules for certain tax increment financing districts, although specific details of these extensions are not provided in the text provided.

2. Removing income limits for eligibility in certain housing districts located in metropolitan counties in Minnesota. Traditionally, these limitations restrict housing to those with specified income levels to ensure affordable housing, but the bill proposes to eliminate these restrictions.

3. Restricting the fraction of building space in housing districts, financed by tax increments, that can be used for commercial, retail, or other non-residential purposes to no more than 20% of the total building area.

These amendments aim to adjust the criteria and benefits provided under tax increment financing, particularly in terms of eligibility and usage of spaces within these districts, potentially to stimulate more flexible development and utilization of properties within specified areas in Minnesota.