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Minnesota Housing Accepting Comments on New State Housing Tax Credit

Thursday, August 3, 2023 - 9:30AM

Minnesota Housing is accepting comments through Aug. 11 on its new state housing tax credit program and contribution fund, through which taxpayers can designate $1,000 to $2 million annually to a fund for a variety of affordable housing uses. The state credit was created in 2021 budget legislation and has a $9.9 million annual cap for contributions. Taxpayers receive 85% of their contribution as a state tax credit. Minnesota Housing published a program concept document and hosted an information session. The credit will expire in 2028.

The significance of state affordable housing credits will be discussed at the Novogradac 2023 Housing Tax Credit and Bonds Conference, Sept. 28-29 in New Orleans.

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