HF 4508 Summary

• Prohibits corporate entities, real estate developers, and residential building contractors from purchasing, owning, or acquiring single-family homes (class 1a property) and converting them into rental units.

• Excludes nonprofit corporations, family trusts, and family limited liability companies (with no more than five members related within the third degree of kinship) from the prohibition.

• Allows petitions for exemptions from the Minnesota Housing Finance Agency commissioner if the exemption would not contradict the bill's purpose and would not impact affordable housing availability.

• Requires the commissioner to conduct annual reviews of exempted entities and withdraw exemptions if criteria are no longer met, with a report submitted to legislature by October 1 each year.

• Authorizes the attorney general to enforce the prohibition through district court actions, requiring violating entities to divest property within one year or face forced public sale; allows injunctions against prospective violations.