Rhode Island S2902 prohibits legal entities from owning real property valued over $25,000,000, requiring divestment over 10 years.

Rhode Island S2902 mandates that legal entities divest from holdings of single-family and multi-family dwellings if their aggregate value exceeds $25,000,000. The divestment must occur over a period of ten years, with a graduated percentage each year. The bill also requires landlords to register specific information with the Department of Health and mandates divestment schedules for entities exceeding the $25,000,000 threshold. Exemptions apply to certain nonprofit organizations and community land trusts.

Rhode Island S2902 prohibits legal entities from owning real property valued over $25,000,000, requiring divestment over 10 years.

Rhode Island S2902 mandates that legal entities divest from holdings of single-family and multi-family dwellings if their aggregate value exceeds $25,000,000. The divestment must occur over a period of ten years, with a graduated percentage each year. The bill also requires landlords to register specific information with the Department of Health and mandates divestment schedules for entities exceeding the $25,000,000 threshold. Exemptions apply to certain nonprofit organizations and community land trusts.