Bill > SF365

This bill prohibits corporate entities, developers, and contractors from converting single-family homes into rental property units in Minnesota. The bill defines key terms like "corporate entity," "affordable housing," and "family limited liability company." It allows the Minnesota Housing Finance Agency commissioner to grant exemptions if the proposed acquisition would not contradict the purpose of the law or adversely impact the availability of affordable housing. The attorney general can take enforcement action against any corporate entity violating the law, including requiring divestment of the property within one year. The bill aims to encourage and protect home ownership and the single-family home as a basic housing option in the state.

Housing and Urban Affairs, Justice

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0365&ssn=0&y=2023