Notice of offer requirements for unsolicited manufactured home park sales modified.

Minnesota House Bill 2964 (HF2964) proposes changes to the notification process when a manufactured home park owner receives an unsolicited offer to purchase the park. Under the bill, if the owner intends to consider or counter such an offer, they must notify both the Minnesota Housing Finance Agency and each resident household. The notice should confirm receipt of the offer, provide the price range and key terms, and offer residents or nonprofit organizations the opportunity to make a counteroffer. Additionally, the notice must include contact information for inquiries. The bill does not require the owner to sell to residents or nonprofits, nor does it mandate delays in other negotiations. The Minnesota Housing Finance Agency is responsible for forwarding these notices to registered resident representatives and nonprofits within five days and maintaining a public list of these entities.

Supporters of HF2964 argue that the bill enhances transparency in the sale of manufactured home parks, empowering residents by informing them of potential sales and providing an opportunity to purchase the park themselves. This could help preserve affordable housing options and maintain community stability.

Critics of HF2964 contend that the additional notification requirements could complicate and delay the sale process for park owners, potentially deterring unsolicited offers. They also express concern that the bill may not effectively facilitate resident purchases, as it does not obligate owners to sell to residents or nonprofits, nor does it provide financial assistance for such purchases.