Minnetonka, Richfield, and St. Louis Park tax increment financing districts eligible uses for increment expansion

This bill allows the cities of Minnetonka, Richfield, and St. Louis Park to use up to 25% of their tax increment financing (TIF) district funds - previously limited to 10% - for transfers to local housing trust funds. The funds must support affordable housing, with rental assistance targeting households at or below 80% of area median income and homeownership programs for households at or below 120% of area median income. The bill modifies existing TIF rules to require these housing-specific allocations and removes the transferred funds from standard TIF reporting requirements. This directly affects housing trust funds in these three cities and the low-to-moderate-income residents they serve.