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Bill > H1796


MA H1796

MA H1796
Relative to the sale of foreclosed residential property to certain cities and towns


summary

Introduced
01/22/2019
In Committee
01/22/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

For legislation to grant cities or towns the right of first refusal on foreclosed residential property. Municipalities and Regional Government.

AI Summary

This bill aims to grant cities or towns the right of first refusal on foreclosed residential property. It would require creditors to offer the city or town an opportunity to purchase the property before publishing a notice of foreclosure sale, although the owner would not be obligated to sell to the city or town. If the city or town chooses to purchase the property, it may select a designee to act on its behalf, and the designee must agree to restrict the property through an affordable housing restriction. The city or town has 90 days to submit an offer to the creditor after receiving notice, and if no agreement is reached within that time, the creditor may proceed with the foreclosure sale.

Committee Categories

Government Affairs

Sponsors (2)

Last Action

Accompanied a study order, see H5127 (on 11/19/2020)

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