City of Minneapolis – Title 12 – HOUSING – CHAPTER 244. – MAINTENANCE CODE – ARTICLE XVIII. – AFFORDABLE HOUSING BUILDING 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)