MN SF51

Defines "land bank organization" as a 501(c)(3) nonprofit or its LLC that acquires, holds, or manages vacant, blighted, foreclosed, or tax-forfeited property for future development, with board members appointed by Minnesota state or local government

Adds two new qualifying purposes for property tax abatements: developing affordable housing for households at or below 80% of area median income, and allowing property to be held by land bank organizations for future development

Limits abatements for affordable housing and land bank purposes to a maximum of 5 years, compared to the standard 15-year limit for other abatement purposes

Requires land bank organizations to repay abatements with interest if the property is used for a purpose other than what was stated prior to redevelopment, with the repayment obligation lasting the same number of years as the original abatement