SF3165

Purpose of the Bill

This bill aims to update the notification requirements for sales of manufactured home parks when an owner considers selling the park after receiving an unsolicited offer. The goal is to give residents and nonprofits acting on their behalf an opportunity to make a purchase offer.

Main Provisions

• Notification Requirements: The park owner must notify the Minnesota Housing Finance Agency and residents about the offer through specified mailing methods.

  • Content of Notice:
  • Confirm receipt of an unsolicited offer.
  • Disclose the price range and terms the owner is considering.
  • Provide an opportunity for representatives or nonprofits to make an offer.
  • Include monitored contact information (email and phone) for inquiries.

• Role of the Minnesota Housing Finance Agency:

  • The agency must distribute the notice within five days to registered representatives and nonprofits interested in receiving such information.
  • Maintain and provide a public list of these representatives and nonprofits on its website.

Significant Changes to Existing Law

• The bill adds a requirement for park owners to actively inform residents and nonprofits about unsolicited offers and any potential sale of the park.
• It also mandates prompt communication and transparency through monitored contact channels.

Relevant Terms

manufactured housing, unsolicited offer, park sale, resident representative, nonprofit, Minnesota Housing Finance Agency, notification requirements, price disclosure, public list, housing policy.