Property tax; requirements for class 4d(1) low-income rental housing modified.

HF 1488 modifies Minnesota's property tax rules for low-income rental housing classified as "Class 4d(1)." It updates the requirements for qualifying units, now allowing property owners to demonstrate compliance through state or local government assistance documents (instead of only federal programs), as long as units meet strict income limits (60% of area median income) and rent caps (30% of that income). Property owners receiving tax savings under this classification must spend the funds on maintenance, security, improvements, rent stabilization, or reserve accounts, and annually certify this use to the Housing Finance Agency. The changes take effect for property assessments beginning in 2026.