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.

HF 2740 requires Minnesota’s Housing Finance Agency commissioner to submit annual reports on affordable housing funding applications, awards, and housing units (including construction/renovation types), plus annual financial stability data broken down by region. It limits commitment terms for low-income tax credit programs to match federal compliance periods (Section 42 of the Internal Revenue Code), directly affecting housing providers who must meet these requirements. The bill also mandates the commissioner to develop a policy framework for stabilizing affordable housing by identifying regulatory relief options and proposing improvements by January 2026, with $ appropriated from the Housing Development Fund for this work. These provisions primarily impact affordable housing providers, local governments receiving aid, and the Minnesota Housing Finance Agency.