Bill > HF4508

This bill proposes to prohibit 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 subsequently converting them into non-homestead residential rental properties. The bill defines key terms such as "corporate entity," "family trust," "nonprofit corporation," and "pension or investment fund." It allows the commissioner of the Minnesota Housing Finance Agency to grant exemptions to this restriction if certain criteria are met, such as not contradicting the purpose of the law and not impacting the availability of affordable housing. The attorney general is tasked with enforcing this law, including seeking court orders to compel divestment of illegally held properties.