Requirements modification for class 4d(1) low-income rental housing

SF 33 modifies Minnesota's requirements for properties classified as "class 4d(1)" low-income rental housing. It updates the criteria for qualifying properties, requiring at least 20% of units to meet specific federal or state housing assistance standards (like Section 8 contracts or income-restricted tax credit projects). The bill also mandates that property owners use tax savings from this classification for eligible purposes only - such as maintenance, security, improvements, rent stabilization, or replacement reserves - and must annually certify this usage to the Housing Finance Agency. This change affects owners of qualifying low-income rental properties, effective for 2026 property assessments.