Condo-Townhome Ownership Bill Heads to Governor

• Multi-Family Development Options are Scarce: A decade ago over 55% of the new homes built in the MSP market were townhomes or condos. Today, that market segment has fallen to just 15%. This disrupts the market and limits choices for homeowners.
• Multi-Family homes are the most affordable option: In 2006, 70% of the homes were built at price-points under $350,000. Today, just 30% of homes are built for less than $350,000.
• Lack of Housing Options Impact all Local Markets- The issue is not isolated to the urban core sub-markets, it impacts housing markets in the suburbs, exurbs, and throughout Greater Minnesota.

Solution:

Helps address the challenges facing multi-housing ownership opportunities by proposal several common-sense changes:

• First and foremost, HF 1538 protects individual homeowner’s rights under Minnesota’s statutory Home Warranty Law.
• A preventative maintenance plan must be adopted and implemented.
• Requires that Homeowners Associations disclose to its members any alleged defects.
• Mediation would be required as a cost effective and preferred method of dispute resolution before legal action.
• Requires a majority of the homeowner association members to approve the decision to commence a legal action.