Purpose of the Bill

The purpose of this Minnesota bill is to modify the requirements for notifying residents of a manufactured home park when an unsolicited offer to purchase the park is received. It aims to ensure that residents and their representatives have the opportunity to consider offers and potentially make a counteroffer to purchase the park themselves.

Main Provisions

• Notice Requirement: If a manufactured home park owner receives an unsolicited offer that they are considering, the owner is required to notify the Minnesota Housing Finance Agency and each resident household by regular mail.
• Content of Notice: The notice must include:
  • Confirmation that the park owner has received an offer.
  • The price range and material terms and conditions of the sale.
  • An opportunity for resident representatives or nonprofits to make an offer to purchase the park.
  • Contact information, including a monitored email and phone number for inquiries, which should be accessible during normal business hours.

Significant Changes to Existing Law

• The park owner is not obliged to sell to the residents' representative or a nonprofit, nor delay other negotiations due to this bill.
• The Minnesota Housing Finance Agency is tasked with distributing notices to registered resident representatives and nonprofits within five days of receiving the notice from the park owner. The agency will also maintain a publicly available list of these representatives and registered nonprofits.

Relevant Terms

manufactured housing, mobile home park, unsolicited offer, resident notification, Minnesota Housing Finance Agency, nonprofit representatives, resident purchase opportunity.