Bill > SF4123

This bill prohibits corporate entities, real estate developers, and residential building contractors from directly or indirectly purchasing, owning, building, acquiring, or obtaining any interest in single-family homes (classified as class 1a property under Minnesota law) and then converting them into non-homestead residential rental properties. The bill defines key terms such as "corporate entity," "family limited liability company," "family trust," "nonprofit corporation," and "pension or investment fund." It provides an exemption process where the Commissioner of the Minnesota Housing Finance Agency can grant exemptions in certain cases, and it outlines enforcement provisions, including allowing the Attorney General to file actions in district court to compel divestment of improperly held properties.