Housing and Real Property
HB 1003
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill, titled the Neighborhood Protection Act, aims to regulate the purchases of single-family and two-family residences by institutional real estate investors. It requires these investors to ensure that properties are listed for sale to the general public for at least 30 days before purchase and establishes criteria for what qualifies as a ‘covered entity’ – primarily institutional real estate investors. The bill also modifies Ohio’s adjusted gross income calculation to account for certain deductions and additions related to investments, and creates a civil penalty for violations of the new regulations.
Key provisions
- Defines ‘covered entity’ as institutional real estate investors and sets criteria for eligibility.
- Requires covered entities to list properties for sale to the public for at least 30 days before purchase.
- Modifies Ohio’s adjusted gross income calculation to include specific deductions and additions related to investments.
- Establishes a civil penalty of up to $250,000 for violations of the listing requirement.
- Creates new sections (1749.01, 1749.02, and 1749.04) of the Revised Code to govern institutional investor activity.
- Specifies that certain organizations, such as nonprofits and county land reutilization corporations, are exempt from the bill’s regulations.
- Addresses depreciation deductions for institutional investors.
- Creates a process for the director of commerce to investigate and impose penalties for violations.
Who is affected
Bill text
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Document of record
- Version
- As Introduced
- Published
- Not published in the source record
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Sponsors
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2 on record
Primary sponsors
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