The proposed "Minnesota Cooperative Housing Act" aims to establish a comprehensive legal framework for various types of housing cooperatives, including those catering to seniors and low to moderate-income individuals. The bill introduces new definitions such as "housing cooperative," "limited equity cooperative," and "senior housing cooperative," emphasizing their not-for-profit nature and specific operational guidelines. It also recognizes electronic records and signatures, streamlining communication and documentation processes within cooperatives. Notably, cooperatives formed under this act will not be subject to the Minnesota Common Interest Ownership Act, which simplifies governance for these entities. The legislation seeks to enhance housing opportunities while ensuring cooperatives operate under clear legal standards.

Additionally, the bill outlines the governance structure, member rights, and operational requirements for cooperatives, including the formation process, bylaws, and financial management. It mandates transparency in board meetings, member participation, and the distribution of assets, while also addressing the rights of members to inspect records and participate in decision-making. The bill includes provisions for the sale and transfer of membership interests, the establishment of operating agreements, and the procedures for mergers and dissolutions. Overall, the legislation aims to modernize cooperative governance, enhance accountability, and improve access to affordable housing options in Minnesota.

Statutes affected:
1st Engrossment: 116J.395, 273.11, 273.124, 290.0922, 327C.095, 515B.3