SB1140: Single family homes; prohibited acquisition, civil penalty.

Legislative Summary

Prohibited acquisition of single family homes; affidavit; civil penalty. Restricts any partnership, corporation, or real estate investment trust that manages funds pooled from investors; is a fiduciary to such investors; has net value or assets under management on any day during a taxable year; and holds an interest in more than fifty single-family homes from acquiring any interest in any other single-family home, as defined in the bill to include manufactured home parks and single family-residential duplexes, on or after July 1, 2025. The bill also requires an offering purchaser of a manufactured home park to provide a notarized affidavit certifying that the purchaser is not prohibited from acquiring such an interest. Any false statements on such affidavit shall be subject to a civil penalty of up to $10,000 per occurrence for deposit into the Revolving Loan Fund for the Purchase of Manufactured Home Parks pursuant to the appropriation act.