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 several sections of the Minnesota Statutes, including provisions that allow these corporations to receive funding from the Minnesota Housing Finance Agency. It establishes a new section in the statutes that outlines the definitions, powers, governance, and operational requirements of these public corporations, including compliance with federal, state, and local laws.

Key provisions include the ability for these corporations to enter into contracts, acquire properties, and manage funds, while being governed by a board of directors composed of commissioners from the creating authority. The bill also specifies that upon dissolution of a corporation, its assets will revert to the authority that created it. The effective date for the new provisions is set for July 1, 2025.

Statutes affected:
Introduction: 15.082, 462A.202, 462C.02, 469.012