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MN HF2687
Bill
Status
3/24/2025
Primary Sponsor
Esther Agbaje
Click for details
AI Summary
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Corporate owners (partnerships, corporations, and REITs managing pooled investor funds) are prohibited from owning 50 or more single-family homes (1-4 dwelling units), with exceptions for government entities, land trusts, affordable housing nonprofits, homestead owners, housing developers, and foreclosure holders
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Deed tax rate increases from 0.33% to 50% of net consideration for single-family home transfers to corporate owners, with 97% of revenue directed to the housing development fund for workforce and affordable homeownership programs
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Commissioner of Commerce may impose $25,000 annual penalty per home owned in excess of 50 if violations continue 12 months after a cease and desist letter
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Statewide landlord database established (effective January 1, 2026) requiring landlords to submit owner names, addresses, contact information, and rental license details before renting or within 60 days of occupancy, with annual updates by February 1
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Landlords are prohibited from retaliating against tenants who report database violations; Commissioner of Commerce has enforcement authority under section 45.027
Legislative Description
Single-family home ownership restricted for corporate entities, increased deed tax rates on conveyances of single-family homes provided to corporate owners, state portion of revenues dedicated from the increased deed tax rates for the workforce and affordable homeownership program, and statewide landlord database created.
Last Action
Author added Falconer
2/26/2026