1.1 	A bill for an act
1.2 	relating to taxation; tax increment financing; modifying requirements for housing 
1.3 	projects;amending Minnesota Statutes 2012, section 469.1761, subdivision 2; 
1.4 	repealing Minnesota Statutes 2012, section 469.1761, subdivision 3.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2012, section 469.1761, subdivision 2, is amended to read:
1.7 		Subd. 2.Owner-occupied housing Income requirement. For owner-occupied 
1.8 	residential property, 95 Ninety-five percent of the housing units must be initially purchased 
1.9 	and occupied by individuals whose family income is less than or equal to the income 
1.10 	requirements for qualified mortgage bond projects under section 143(f) of the Internal 
1.11 	Revenue Code, or the property must satisfy the income requirements for a qualified 
1.12 	residential rental project as defined in section 142(d) of the Internal Revenue Code.

1.13 	EFFECTIVE DATE. This section is effective for districts for which the request for 
1.14 	certification is made after final enactment of this section.

1.15 	Sec. 2.  REPEALER.
 1.16 	Minnesota Statutes 2012, section 469.1761, subdivision 3, is repealed.

1.17 	EFFECTIVE DATE. This section is effective the day following final enactment.