Certain low-income rental projects receiving low-income housing tax credits rent increase limitation provision

This bill limits annual rent increases for low-income senior housing units that receive federal low-income housing tax credits. It directly affects seniors living in these specifically designated rental projects across Minnesota. The key provision caps rent increases at either the prior year's Social Security/SSI benefit increase (minus 1%) or 0%, whichever is higher. This ensures rent hikes cannot exceed federal benefit adjustments while preventing any increase if the adjusted figure would be negative.