For AI agents: read the machine-readable documentation index at /llms.txt or the single-file full reference at /llms-full.txt.
Form a Business

AFFORDABLE HOUSING BUILDING SALE

Minneapolis Code of Ordinances tit. 12, ch. 244, art. XVIII
in effect

Minneapolis Code of Ordinances § 244.2110 Definitions.

244.2110. - Definitions. The following words and phrases used in this article shall have the meanings set forth below: Affordable housing building means a multiple-family rental housing building having five (5) or more dwelling units where at least twenty (20) percent of the units rent for an amount that is affordable at no more than thirty (30) percent of income to households at or below sixty (60) percent of area median income, as most recently determined by the United States Department of Housing and Urban Development for Low Income Housing Tax Credit (LIHTC) purposes, as adjusted for household size and number of bedrooms. Affordable housing dwelling unit means a rental dwelling unit in an affordable housing building that rents for an amount that is affordable to households at or below sixty (60) percent of area median income, as most recently determined by the United States Department of Housing and Urban Development, as adjusted for household size and number of bedrooms. Available for sale means the earliest implementation of any of the following actions, including, but not limited to, negotiating to enter into a purchase agreement that includes the affordable housing building, advertising the sale of the affordable housing building, entering into a listing agreement to sell the affordable housing building, or posting a sign that the affordable housing building is for sale. Cause means the tenant or a member of the tenant's household materially violated a term of the lease. Relocation assistance means a payment in the amount equal to three (3) months of the current monthly contract rent. Tenant protection period means the period that commences with the transfer of ownership of an affordable housing building and runs through the end of the three (3) calendar months following the month in which written notice of sale is delivered to each affordable housing dwelling unit tenant pursuant to section 244.2140. Transfer of ownership means any conveyance of title to an affordable housing building, whether legal or equitable, voluntary or involuntary, resulting in a transfer of control of the building, effective as of the earlier of the date of delivery of the instrument of conveyance or the date the new owner takes possession. (Ord. No. 2018-063, § 1, 11-2-18)

Minneapolis Code of Ordinances § 244.2120 Notice of proposed sale.

244.2120. - Notice of proposed sale. (a) Any owner or representative of the owner who intends to make available for sale any affordable housing building shall notify the director of the department of community planning and economic development. The notice shall be on a form or in a format prescribed by the city stating the owner's intent to make available for sale the affordable housing building and which may include, at the city's sole discretion, some or all of the following information: (1) Owner's name, phone number, and mailing address; (2) Address of the affordable housing building that will be made available for sale; (3) Total number of dwelling units in the building; and (4) Number and type (e.g., efficiency, one bedroom, two bedroom, etc.) of affordable housing dwelling units in the building and the contract rent for every dwelling unit in the building. The notice shall be mailed or hand delivered to the director of the department of community planning and economic development no later than sixty (60) days prior to the affordable housing building being made available for sale. The notice shall also be conspicuously posted in the common area immediately adjoining the front or principal entrance of the building no later than sixty (60) days prior to the affordable housing building made available for sale. (b) This section shall not apply to the following: (1) The sale or transfer of title of an affordable housing building already subject to federal, state, or local rent or income restrictions that continue to remain in effect after the sale or transfer. (2) The sale or transfer of title of an affordable housing building to a new owner who is participating in or has committed to participate in the city's 4d Affordable Housing Incentive program for that property. (3) The sale or transfer of title of an affordable housing building through a 1031 exchange. (Ord. No. 2018-063, § 1, 11-2-18)

Minneapolis Code of Ordinances § 244.2130 Relocation assistance.

244.2130. - Relocation assistance. (a) If during the tenant protection period the new owner of an affordable housing building terminates or refuses to renew any affordable housing dwelling unit tenant's rental agreement without cause, then upon terminating or refusing to renew the tenant's lease, the new owner shall pay relocation assistance to the tenant, not later than the day upon which the tenant vacates the unit. (b) If during the tenant protection period the new owner of an affordable housing building raises any affordable housing dwelling unit tenant's rent, or rescreens an existing affordable housing dwelling unit tenant, and the tenant gives written notice to the new owner to terminate the rental agreement, the new owner, shall within thirty (30) days of receiving the tenant's written notice of termination of the rental agreement, pay relocation assistance to the tenant. (Ord. No. 2018-063, § 1, 11-2-18)

Minneapolis Code of Ordinances § 244.2140 Notice of sale.

244.2140. - Notice of sale. When a transfer of ownership occurs, the new owner shall within thirty (30) days deliver written notice to each affordable housing dwelling unit tenant of the building that the property is under new ownership and all of the following information: (1) Name, phone number, and mailing address of the new owner. (2) The following statement: "Minneapolis Code of Ordinances section 244.2130 provides for a three (3) month tenant protection period for affordable housing dwelling unit tenants. Under section 244.2130, an affordable housing dwelling unit tenant may be entitled to relocation assistance from the new owner if the new owner terminates or does not renew the tenant's rental agreement without cause within the three (3) month tenant protection period. An affordable housing dwelling unit tenant may also be entitled to relocation assistance from the new owner if the tenant terminates their rental agreement because the new owner raises the rent or initiates a tenant rescreening process within the three (3) month tenant protection period." (3) Whether there will be any rent increase within the three (3) month tenant protection period with the amount of the rent increase and the date the rent increase will take effect. (4) Whether the new owner will require existing affordable housing dwelling unit tenants to be rescreened to determine compliance with existing or modified residency screening criteria during the three (3) month tenant protection period and, if so, a copy of the screening criteria. (5) Whether the new owner will terminate or not renew rental agreements without cause during the three (3) month tenant protection period and, if so, notice to the affected affordable housing dwelling unit tenants whose rental agreements will terminate and the date the rental agreements will terminate. (6) Whether the new owner intends to increase rent, require existing affordable housing dwelling unit tenants to be rescreened to determine compliance with existing or modified residency screening criteria, or terminate or not renew affordable housing dwelling unit rental agreements without cause on the day immediately following the tenant protection period. This same written notice shall be furnished to the director of regulatory services at the same time notice is delivered to tenants. The new owner or member of the prior owner of an affordable housing building shall not terminate or not renew a tenant's rental agreement without cause, raise rent, or rescreen existing tenants during the tenant protection period without providing the notices required by this section. (Ord. No. 2018-063, § 1, 11-2-18)

Minneapolis Code of Ordinances § 244.2150 Enforcement.

244.2150. - Enforcement. (a) In addition to any other remedy available at equity or law, failure to comply with the provisions of this article may result in criminal prosecution, adverse rental license action, and/or administrative fines, restrictions, or penalties as provided in Chapter 2 of this Code. A violation of this article as to each affordable housing dwelling unit shall constitute a separate offense. A notice of violation, as described in section 244.150, shall not be required in order to establish or enforce a violation of this article. (b) Notwithstanding any other provision to the contrary, the administrative fine for a violation of section 244.2130 shall be the sum of the applicable amount of relocation assistance plus five hundred dollars ($500.00). Within thirty (30) days after receipt of this money by the city, the city shall pay to the displaced tenant of the affordable housing dwelling unit for which the violation occurred an amount equal to the relocation assistance provided for in section 244.2130. (Ord. No. 2018-063, § 1, 11-2-18)

Minneapolis Code of Ordinances § 244.2160 Annual report.

244.2160. - Annual report. Beginning in 2020, the departments of community planning and economic development and regulatory services shall submit to the city council a joint report on the status of this article. (Ord. No. 2018-063, § 1, 11-2-18)
Source: City of Minneapolis, Minnesota, Code of Ordinances, City Charter and Park and Recreation Board Code of Ordinances (Municode Library, library.municode.com)URL: https://library.municode.com/mn/minneapolis/codes/code_of_ordinances?nodeId=COOR_TIT12HO_CH244MACO_ARTXVIIIAFHOBUSAFetched: 11/2/2026

Starting a business in Minnesota? Minnesota LLC guide: costs and requirements