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~ ./ ,I ) .-' DATE: 07/92 SECfION:3334 PAGE: 3 asministered by the Minnesota Housing Finance Agency that are used for the acquisition or rehabilitation of the building; (5) low-income housing credit under section 42 of the Internal Revenue Code; . . (6) public financing provided by a local government used for the acquisistion or rehabilitation of the building, including grants or loans ftom ~i) federal community development block grants; (ii) HOME block grants; or (Hi) residential rental bonds issued under shapter 474A; or (1) other rental houding program funds provided by the Minnesota Housing Finance Agenéy for the acquisition or rehabilitation of the building; (j) at the time of the initial request for homestead classification or of aQY transfer of 2wnership of the property. the 20vernin2 body of th~ mllnidp~lity in which the property is !?cated must hold a public hearin2 and make the followong fmdin2S: (1) that the granting of the homestead treatment of the apartment's units will facilitate safe, clean, affordable houding for the cooperative members that would otherwise not be available absent the homestead classification; (2) that the owner has presented information satisfactory to the governing body showing that the savings garnered from the homèstead classification on the units will be used to reduce tenant's rents or provide a level of furnishing or maintenance not possible absent the homestead Classification; and (3) that the requirements of paragraphs (b), (d), and (i) have been met. Homestead treatment must be afforded to units occupied by members of the cooperative association and the units must be assessed as provided in subdivision 3 provided that a~y unit not so occupied shall be classified and assessed pursuant to the appropriate class. No more than three acres of land may, for assessment purposes, be included with each dwelling unit that qualifies for homestead treatment under this subdivision. (M.S. 273.124)