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. It amends existing statutes to clarify the obligations and powers of these public corporations, including their governance structure, operational guidelines, and compliance requirements. Notably, the bill introduces new legal language that allows these authorities to form public corporations under section 469.0121, which outlines the definitions, powers, and responsibilities of such corporations.

Key provisions include the establishment of a board of directors for the public corporation, which will consist of members from the local city council, the housing authority, and the Minnesota Housing Finance Agency. The bill also stipulates that the corporation must adhere to all relevant federal, state, and local laws, and it outlines the process for the dissolution of the corporation, ensuring that its assets revert to the creating authority. The act is set to take effect on July 1, 2024.

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