Hear more from us. Sign up for our newsletter.
The 2017 Legislative Session marked a major strategic pivot for BATC as we partnered with the Minnesota REALTORS and created the Homeownership Initiative, a collection of common-sense proposals aimed at increasing first-time homebuyer opportunities and housing affordability for all Minnesotans.
The Minnesota Homeownership Initiative has exceeded our expectations and is poised to bring meaningful help to our industry and homebuyers. We are extremely pleased to share these results:
First-Time Homebuyer Savings Account: Provides state tax deduction for the interest earned on savings account designated for the use of purchasing a first home. RESULT: SIGNED INTO LAW. Effective for taxable years beginning after December 31, 2016.
Public Notice for Housing Moratorium: Requires a 10-day public notice and a public hearing prior to a city imposing a housing moratorium. RESULT: SIGNED INTO LAW. Effective August 1, 2017.
Remove Barriers to Developing Owner-Occupied Condos/Townhomes: Provides common sense policy provisions which balance lawsuit risk for developers and enhance best practices for Home Owner Associations. RESULT: PASSED BY LEGISLATURE-AWAITS FINAL ACTION BY GOVERNOR
Rulemaking Review Oversight: Provides for review and notice to the legislature for any proposed housing rule (Energy Code, RRP Lead Paint, Stormwater, etc) that impacts a homeowner by $1,000 or more. RESULT: PASSED MINNESOTA HOUSE & POSITIONED TO ADVANCE IN 2018
Twin Home Sprinkler Fix, Continuation of BATC v. DLI: Removes sprinkler requirement for twin homes, aligning the state’s policy with the court’s direction in the BATC v. DLI court decision. RESULT: SIGNED INTO LAW & IN EFFECT
Contractor Registration Fees Reduced 25%: The Jobs and Energy Omnibus bill that was signed into law also included BATC-supported provision lowering contractor registration fees to $120.00 starting July 1, 2017 and expiring September 30, 2021.
Look for a comprehensive Legislative Session Review soon.