Certain resident-owned communities could avoid rent-increase rules

The bill would exempt certain resident-owned communities from this section’s rent-increase rules. The park’s land must be owned by a legal entity in which a majority of resident homeowners have membership, shareholder, or voting rights in its management. Residents must own and govern the community. Monthly charges must be set only to cover the community’s operating and other listed costs. A government housing program must impose an affordability restriction on the community. The bill would take effect immediately if enacted.