MN SF4254

Authorizes housing and redevelopment authorities (HRAs) to create public corporations for purchasing, owning, and operating properties converted through the federal Rental Assistance Demonstration (RAD) program under Public Law 112-55.

Grants public corporations general powers including the ability to sue and be sued, enter contracts, accept gifts and federal/state assistance, hire staff, and make cooperative agreements with government agencies and private entities.

Establishes corporation governance through a three-member board of directors consisting of a city council member from the incorporation city, an HRA commissioner, and the Minnesota Housing Finance Agency commissioner or delegate, with six-year terms.

Requires corporations to comply with all federal, state, and local laws for operating project-based rental assistance properties and mandates board meetings follow open meetings law (chapter 13D).

Provides that upon dissolution, all corporation assets become property of the creating HRA; effective date is July 1, 2024.