Minnesota considers limiting rent increases for senior housing

(ABC 6 News) – On Feb. 29, the Minnesota Senate Housing and Homelessness Prevention Committee heard a bill that would limit raising the rent of low-income senior living projects.

If passed, SF 3625 would make it so rent can only increase by minus 1% of increased Social Security benefits.

For example, if benefits increased by 5%, rent can only increase by, at most, 4%.

The bill would only apply to rent-restricted housing projects limited only to seniors.

— RELATED: Board of Minnesota Housing Investments —

Senator Judy Seeberger (DFL-Afton) states the goal of the bill is to limit how housing projects take advantage of federal low-income housing tax credits.

“Minnesotans should be able to enjoy their golden years. They should not have to worry about making ends meet on a fixed income,” Seeberger said in a statement. “These reasonable limitations will provide our parents, grandparents and neighbors with more stability, prevent senior homelessness and save lives.”