Bill > SF4313

This bill aims to prohibit corporate entities, real estate developers, and residential building contractors from directly or indirectly purchasing, owning, building, or acquiring single-family homes (classified as class 1a under section 273.13, subdivision 22) and then converting them into non-homestead residential rental properties. The bill defines key terms like "corporate entity," "family limited liability company," "family trust," and "affordable housing." It allows the commissioner of the Minnesota Housing Finance Agency to grant exemptions in certain cases, such as when an employee of the corporate entity plans to reside at the property. The bill also outlines enforcement mechanisms, including legal action by the attorney general and the potential public sale of the property if it is not divested within a year of a court order.