The City of Minneapolis requires Advance Notice of Sale of Affordable Rental Properties. An affordable rental property is any property with 5+ where 20% or more of the units are affordable to those earning 60% area median income (see tables in the links below). Owners are required to notify the both the city and tenants 60 days prior to making the building available for sale (listing). Owner-Sellers are required to post a notice on the property in a conspicuous public space in the buildings common area.
Additionally, owner-sellers are required to contact Minneapolis Department of Community Planning and Economic Development (“CPED”) and provide requisite details on the required forms. After the sixty-day notice, the building may be listed for sale. After closing, the new owners are required to deliver a written notice to each affordable housing dwelling unit rented in the building that the property is under new ownership.
A three-month renter protection period begins with the transfer of sale. New-owners may not terminate rental agreements without cause during this three-month period. New-Owners may not terminate, raise rent, or initiate a renter screening process during this period and if they do, they may be subject to paying relocation assistance equal to three months rent. Penalties for violation of this ordinance include negative license enforcement actions and potential criminal penalties. This ordinance has been effective since April 1, 2019. This ordinance applies to Affordable Rental Property and not market rate.
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Ordinance Language, Minneapolis Advance Notice of Sale
Updated Rent Tables, Minneapolis Advance Notice of Sale