Bill > SF3173

This bill, aimed at addressing housing affordability in Minnesota, proposes to prohibit private equity companies from owning single-family homes, defining a "private equity company" broadly to include various investment firms and publicly traded entities, but excluding government agencies, certain land trusts, non-profits focused on affordable housing, housing developers, mortgage holders after foreclosure, and family entities. The bill defines "single-family home" as a property with one to four dwelling units, with specific exclusions for certain licensed assisted living facilities and residential properties providing specialized support services. While private equity companies are generally barred from direct or indirect ownership of single-family homes, an exemption exists for those owning fewer than 100 such homes, provided they disclose detailed information about their ownership, beneficiaries, and properties to the Attorney General upon request. Violations of this prohibition can result in a civil penalty of $100,000 per violation, with enforcement by the Attorney General, and any collected penalties will be deposited into a dedicated affordable housing fund. This legislation is set to take effect on August 1, 2026, and will apply to any ownership interests acquired on or after that date.