Bill > H1327

This bill authorizes the creation of a Historic District Stabilization Committee in Massachusetts to address the impacts of the current foreclosure crisis on historic districts. The committee would be empowered to acquire real estate and property interests, such as mortgages and tax obligations, within the historic district through eminent domain at fair market value. The committee would then work to restore and manage these properties, either placing them with homeowners who can service new mortgages or with tenants, in order to preserve the value and livability of the historic district. The bill also provides a process for communities that are eligible but not yet designated as historic districts to receive the protections of the bill. The provisions of the bill are intended to apply to historic districts within areas designated by the U.S. Department of Housing and Urban Development as "Stabilization Target Areas" based on high rates of foreclosure, subprime mortgages, and mortgage defaults.

Housing and Urban Affairs

https://malegislature.gov/Bills/191/H1327