This bill authorizes housing and redevelopment authorities in Minnesota to create public corporations specifically for the purpose of purchasing, owning, and operating properties that have been converted under the federal Rental Assistance Demonstration (RAD) program. The bill amends Minnesota Statutes 2022, section 469.012, subdivision 2j, to allow authorities to form limited partnerships, limited liability companies, or corporations for various housing projects, and it introduces new legal language that establishes the framework for these public corporations under a new section, 469.0121.

The newly created public corporations will have defined powers, including the ability to sue, enter contracts, and manage funds. The governance structure will consist of a board of directors, which includes members from the city council, the housing authority, and the Minnesota Housing Finance Agency. The bill also outlines the requirements for board meetings, compliance with laws, and the process for dissolution of the corporation, ensuring that upon dissolution, the assets revert to the authority that created it. The act is set to take effect on July 1, 2024.

Statutes affected:
Introduction: 15.082, 469.012
1st Engrossment: 469.012