A policy that mandates relocation fees and additional time to find new housing for St. Louis Park renters displaced by property flipping was finalized last week by the City Council.
The ordinance, initially approved by the council last month, will go into effect on July 1.
The ordinance will affect tenants pushed out of affordable housing when new owners take over the property and raise rents, set new screening criteria or fail to renew leases without cause.
Under the new policy, those tenants will have three months to make new arrangements and receive relocation fees in the meantime from their landlords.
Such fees might range from $2,600 for someone renting a studio apartment to $4,100 for tenants renting a three-bedroom unit or larger, according to city documents.
Council members said they hope the policy helps tenants, though they acknowledged it won't help protect existing affordable housing.
"It's not a solution to our challenge in affordable housing ... but it's certainly one tool," Council Member Anne Mavity said.
About 51 percent of rental units in St. Louis Park are affordable to those making 60 percent of the area median income, according to a city survey taken in 2016.