Bill > HF2480

This bill allows housing and redevelopment authorities to create public corporations specifically for purchasing, owning, and operating properties that have been converted through the federal Rental Assistance Demonstration (RAD) program. The bill establishes a comprehensive framework for these public corporations, detailing their powers, governance, and operational guidelines. Under the new provisions, these corporations can sue and be sued, accept gifts and bequests, enter into contracts, hire employees, and acquire real property. The corporation's board of directors will consist of the commissioners of the creating authority, who will serve without compensation but can receive expense reimbursements. The corporations are subject to open meeting laws, government data practices regulations, and must comply with federal, state, and local laws regarding rental assistance properties. The bill also clarifies that upon dissolution, the corporation's assets will become property of the creating authority. The Minnesota Housing Finance Agency is authorized to provide funding for these corporations, and the effective date for these provisions is July 1, 2025. This legislation aims to provide a structured approach for housing authorities to preserve and improve public housing properties through the RAD program.

Housing and Urban Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2480&ssn=0&y=2025