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Tax Credit for Mobile Home Community Sales to Residents or Non-Profits

This act introduces a new tax credit for owners of manufactured home communities who sell their property to residents or non-profit organizations. The goal is to preserve affordable housing and protect residents from sudden rent increases or evictions. This can provide residents with greater stability and control over where they live.
Key points
Owners of manufactured home communities can receive a tax credit of 75% of the gain from the sale if they sell the property to resident cooperatives or non-profit organizations.
The property must be used as a manufactured home community for at least 50 years after the sale, ensuring long-term stability for residents.
The act aims to increase the number of manufactured home communities managed by residents or non-profits, giving residents more control over their homes and communities.
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Additional Information
Print number: 117_HR_7220
Sponsor: Rep. Omar, Ilhan [D-MN-5]
Process start date: 2022-03-24