Definition of financial assistance modified to include certain tax increment financing or allocations of low-income housing credits, and definition of project expanded.

HF 112 modifies Minnesota's definitions for economic development funding. It expands "financial assistance" to include tax increment financing (TIF) for multifamily housing projects with 25+ units or $100,000+ in assistance, and low-income housing tax credits for projects with more than 10 units. The bill also broadens the definition of "project" to cover more public works developments financed partly by state funds. These changes affect developers, local governments, and state agencies administering economic development programs, effective August 1, 2025.