Bill > HF2687

This bill addresses corporate ownership of single-family homes and creates several new regulatory measures. It prohibits corporate entities from owning 50 or more single-family homes, with exceptions for government agencies, land trusts, nonprofits creating affordable housing, homestead property owners, housing development corporations, and mortgage note holders acquiring homes through foreclosure. The bill increases the deed tax rate from 0.0033 to 0.5 for single-family home conveyances to corporate owners, with the additional revenue dedicated to a new housing development fund for workforce and affordable homeownership programs. Additionally, the bill establishes a statewide landlord database managed by the commissioner of commerce, requiring landlords to submit detailed ownership and contact information annually, with the database being publicly accessible at no cost. Landlords who fail to comply with database reporting requirements may face penalties, and tenants are protected from retaliation if they report a landlord's absence from the database. The landlord database provision will become effective on January 1, 2026, and the commissioner of commerce is granted enforcement authority to investigate and impose fines up to $25,000 per property for continued violations of the corporate ownership restrictions.

Housing and Urban Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2687&ssn=0&y=2025