Single-family home ownership restricted for corporate entities, increased deed tax rates on conveyances of single-family homes provided to corporate owners, state portion of revenues dedicated from the increased deed tax rates for the workforce and affordable homeownership program, and statewide landlord database created.

HF 2687 restricts corporate ownership of single-family homes in Minnesota by prohibiting corporate owners (including real estate investment trusts and corporations managing pooled investor funds) from owning 50 or more such homes. It increases the deed tax rate to 0.5% on transfers of single-family homes to corporate owners (up from the standard 0.0033%) and dedicates the state portion of this revenue to workforce and affordable homeownership programs. The bill also creates a statewide landlord database to track rental properties. These changes directly affect large corporate landlords and aim to increase housing affordability through targeted tax revenue.