MN SF3173

Prohibits private equity companies from having direct or indirect ownership interests in single-family homes (1-4 dwelling units) in Minnesota, effective August 1, 2026

Defines "private equity company" broadly to include publicly and non-publicly traded entities, real estate investment trusts (REITs), and investment firms that buy and manage private companies for profit

Exempts government agencies, land trusts, nonprofits providing affordable housing, housing developers engaged in construction or substantial rehabilitation, mortgage holders who acquired homes through foreclosure, and family entities

Imposes a $100,000 civil penalty per violation, enforceable by the Attorney General with 90 days written notice required before filing enforcement action

Requires all civil penalties collected to be deposited into the workforce and affordable homeownership development account