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HF 2740

Report on the affordable housing industry required, maximum compliance period for certain low-income tax credit commitment requirements set, and commissioner of Minnesota Housing Finance Agency required to identify avenues for potential regulatory relief to affordable housing providers.

2025-2026 Regular Session Introduced by Mike Howard and 2 co-sponsors

HF 2740 caps LIHTC commitment timing and directs MHFA to identify regulatory relief avenues for affordable housing providers.

Second reading
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Bill Summary · HF 2740

Summary: HF 2740 (Minnesota 2025 Session)

Overview

HF 2740 is a bill in the Minnesota Legislature that combines reporting requirements, a modification to low-income housing tax credit (LIHTC) compliance timing, and a directive to the Minnesota Housing Finance Agency (MHFA) regarding regulatory relief for affordable housing providers. The bill also contemplates an appropriation to support its provisions. A companion bill exists in the Senate as SF 2742.

  • Bill number: HF 2740
  • Title (summary): Requires a report on the affordable housing industry, sets a maximum compliance period for certain LIHTC commitment requirements, directs the MHFA commissioner to identify avenues for regulatory relief to affordable housing providers, and appropriates money.
  • Status: Author added Rehrauer
  • Introduced: March 24, 2025
  • Legislative actions so far:
    • 2025-03-24: Introduction and first reading; referred to Housing Finance and Policy
    • 2025-04-01: Author added Rehrauer
  • Related bills: Companion SF 2742

Key Provisions (as described in public information)

  • Report on the affordable housing industry

    • The bill directs the preparation of a formal report examining the affordable housing industry. While the exact scope is not provided in the available information, such a report typically analyzes market conditions, production trends, financing, policy barriers, and opportunities affecting affordability and supply.

  • Maximum compliance period for certain LIHTC commitment requirements

    • The bill sets a maximum period by which certain LIHTC commitment requirements must be satisfied. The specifics (e.g., duration, which LIHTC aspects are covered) are not detailed in the information provided. This provision would aim to regulate or limit the time developers or projects must meet particular LIHTC obligations.

  • Regulatory relief avenues identified by MHFA

    • The MHFA Commissioner is required to identify potential regulatory relief avenues for affordable housing providers. This likely involves analyzing statutes, rules, and administrative processes to reduce burdens or streamline requirements affecting affordable housing development, financing, or operations.

  • Funding/ appropriations

    • The bill contemplates money appropriated, which would presumably support the mandated report, any related analyses, and implementation or administrative costs associated with the regulatory relief review.

Who Would Be Affected

  • Affordable housing providers and developers utilizing or affected by LIHTC programs and MHFA oversight.
  • Minnesota Housing Finance Agency (MHFA), which would implement the regulatory relief review and the LIHTC-related provisions.
  • Policy makers and stakeholders in housing finance, development finance, and affordable housing advocacy groups who rely on the LIHTC program and related regulatory processes.

Procedural and Timeline Aspects

  • Introduction and first reading: March 24, 2025, referral to the House committee on Housing Finance and Policy.
  • Subsequent actions: April 1, 2025, indicates that an additional author designation was added (Rehrauer).
  • Next steps in process: If advanced, the bill would proceed through committee hearings, potential amendments, and floor votes. Passage would likely lead to reconciliation with companion SF 2742 in the Senate and, eventually, to a conference committee if needed.

Notes and Context

  • The text of the bill (specific language and numerical details) is not provided here. The summary reflects the provisions as stated in the bill’s title and the information available publicly.
  • For a precise understanding of the LIHTC timing change (e.g., exact maximum period, which requirements are affected) and the scope of the required industry report, the bill’s full text and fiscal note would be the next sources to review.

Compiled from official sources — confirm details with the bill’s official record.

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