An act relating to manufactured homes and limited equity cooperatives

Summary

The law reclassifies manufactured homes financed as real estate, requiring specific warranty or quit‑claim deeds and moving any sales‑tax liability to a property‑transfer tax. It also makes all manufactured homes exempt from sales tax, exempts limited‑equity cooperative parks from property tax, and defines limited‑equity cooperatives as nonprofit entities that must serve low‑ and moderate‑income residents, restrict subleasing, and are exempt from certain storm‑water permits. These changes affect homeowners, lenders, municipalities, and cooperative developers.

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