Kentucky HB31 prohibits the purchase of single-family homes for purposes other than personal residence by entities owning 50 or more rental homes.
Kentucky HB31 introduces a new section in KRS Chapter 367 to prevent the purchase of single-family homes for non-residential purposes by entities owning 50 or more rental homes in Kentucky. This prohibition does not apply to nonprofit corporations or when homes have been advertised for sale for 90 days or more, or 30 days for small businesses. Violations are considered unfair trade practices, subject to legal remedies and penalties. The act aims to ensure single-family homes are used for residential purposes.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.