Aggregate bond limitation reduction applicable to the allocation of private activity bonds for qualifying residential rental project

Housing

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Mohamed
Last action: 2026-03-18
Official status: Comm report: To pass and re-referred to Finance
Effective date: Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

2026-03-18 House
Comm report: To pass and re-referred to Finance
2026-03-12 House
Introduction and first reading

Official Summary Text

Aggregate bond limitation reduction applicable to the allocation of private activity bonds for qualifying residential rental project

Current Bill Text

Read the full stored bill text

A bill for an act

relating to public finance; reducing the aggregate bond limitation applicable to the

allocation of private activity bonds for qualifying residential rental projects;

amending Minnesota Statutes 2024, section 474A.02, subdivision 1a.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 474A.02, subdivision 1a, is amended to read:

Subd. 1a.

Aggregate bond limitation.

"Aggregate bond limitation" means
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up to 55
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the

greater of: (1) 30
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percent of the reasonably expected aggregate basis of a residential rental

project and the land on which the project is or will be located
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; or (2) the maximum

supportable permanent amortizing debt, subject to a maximum of 40 percent of the reasonably

expected aggregate basis of a residential rental project and the land on which the project is

or will be located
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.

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EFFECTIVE DATE.

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This section is effective January 1, 2027.

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