HF 2249

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to housing; regulating transactions between certain low-income and
moderate-income housing developers and local units of government; proposing
coding for new law in Minnesota Statutes, chapter 462A.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [462A.35] CITY PROPERTY TRANSFERS TO NONPROFIT
ORGANIZATIONS.
new text end

new text begin If a nonprofit organization receives funding from the agency for a project to
construct or rehabilitate low-income or moderate-income housing, and a city or an agency
of a city is transferring property to the organization for the project, the city must convey or
otherwise transfer the property to the organization for a consideration no greater than the
cost to the city for acquisition of the property. The city must also waive all development
and other fees related to the project that it would otherwise impose.
new text end