- Created: Thursday, 12 April 2018 14:29
- Written by Laura Proescholdt
During the 2018 legislative session, the Minnesota Tax Credit Contribution Fund (H.F. 4072 | S.F. 3301) gained strong momentum at the Capitol, with more than 50 organizations expressing support. Heading into the 2019 session, that momentum continues to build, as community leaders across the state recognize the potential of this simple, proven tool to create needed affordable housing in Minnesota. Learn more about the Fund — and join the organizations below as a supporter — here. Supporting organizations will be added to the following letter:
A proven tool to incentivize private investment and promote community and economic development, we urge you to join us in supporting the Minnesota Tax Credit Contribution Fund (H.F. 4072 | S.F. 3301), modeled after North Dakota's Housing Incentive Fund (HIF). Since its inception in 2011, North Dakota's HIF has leveraged roughly $5 for every $1 invested, creating more than 2,500 units across the state. Minnesota communities of all sizes would benefit from this simple, effective tool.
The program is capitalized by contributions from taxpayers that have state income or corporate / insurance premium tax liabilities. In exchange for contributions to affordable housing, participating taxpayers receive credit against their state income tax liability equal to their contribution to a specific development or the general loan pool. Participation in the program is simple, and the credit is flexible, easy to use statewide, leverages significant private equity, and boosts local businesses.
The Minnesota Tax Credit Contribution Fund is about neighbors helping neighbors to create housing opportunities and help businesses and communities thrive. Please join us in supporting this innovative new tool.
[Signing individuals and organizations]