Purpose of the Bill

This bill aims to modify the notice requirements for unsolicited offers to purchase manufactured home parks in Minnesota. It seeks to ensure that park residents and their representatives have the opportunity to consider making their own offers to buy the park.

Main Provisions

• Notification Requirement: When park owners receive an unsolicited offer to purchase the park, and they choose to consider it or make a counteroffer, they are required to notify the Minnesota Housing Finance Agency and each park resident household. The notification should include:

  • Confirmation that the park owner is considering the offer.
  • The price range and important terms and conditions for selling the park.
  • An invitation for representatives of residents or nonprofits to make an offer.

• Contact Information: The notice must provide a monitored email address and telephone number for residents or their representatives to inquire about the sale during regular business hours.

• Agency Role: The Minnesota Housing Finance Agency must distribute the notice to any registered representatives or nonprofits within five days of receipt. They will also maintain a public list of registered entities interested in acquiring parks.

• Freedom of Contract: Park owners are not obligated to sell to resident representatives or nonprofits and can proceed with other negotiations and execute agreements with other buyers.

Significant Changes to Existing Law

• The bill updates Minnesota Statutes 2024 section 327C.097 subdivision 3 by adding requirements for park owners to provide additional details about unsolicited offers and by creating an opportunity for residents or nonprofits to engage in the purchase process.

Relevant Terms

manufactured housing, manufactured home park, unsolicited offer, park residents, nonprofit organization, Minnesota Housing Finance Agency, notification requirements, resident representatives