MN SF4313

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.

Defines "corporate entity" to include partnerships, corporations, LLCs, pension funds, and investment funds, but excludes nonprofits, family trusts, and family limited liability companies with five or fewer members.

Allows exemptions by petition to the Minnesota Housing Finance Agency Commissioner if the exemption does not impact affordable housing availability or if an employee plans to reside at the property for up to one year with rental revenue paid to the entity.

Requires the Commissioner to annually review exempted entities and report to legislative housing policy committees; allows withdrawal of exemptions if criteria are no longer met.

Authorizes the Attorney General to enforce the restriction through district court action, with violations resulting in a one-year divestment requirement and potential foreclosure sale if property is not divested within the prescribed timeframe.