1.1A bill for an act1.2relating to housing; regulating transactions between certain low-income and 1.3moderate-income housing developers and the city of Minneapolis; proposing 1.4coding for new law in Minnesota Statutes, chapter 462A.1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:1.6    Section 1. [462A.35] CITY PROPERTY TRANSFERS TO NONPROFIT 1.7ORGANIZATIONS.1.8If a nonprofit organization receives funding from the agency for a project to construct 1.9low-income or moderate-income housing in the city of Minneapolis and if the city is 1.10transferring vacant property to the organization for the project, the city must convey or 1.11otherwise transfer the property to the organization for a consideration no greater than the 1.12cost to the city for acquisition of the property. The city must also waive all development 1.13and other fees related to the project that it would otherwise impose.1.14EFFECTIVE DATE.This section is effective the day after compliance by the 1.15governing body of the city of Minneapolis with Minnesota Statutes, section 645.021, 1.16subdivision 3.