Bill
Bill > H2170
MA H2170
Relative to the sale of foreclosed residential property to certain cities and towns
summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd 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 would grant cities or towns the right of first refusal on foreclosed residential properties. The key provisions are:
1) Creditors must notify the city or town clerk where the residential property is located before publishing a foreclosure sale notice, if the city or town has accepted this new law.
2) The city or town can then select a designee to purchase the property and enter into an agreement to restrict the property as affordable housing.
3) The city or town has 90 days to submit an offer to purchase the property after receiving the notice. If no agreement is reached within 90 days, the creditor can proceed with the foreclosure sale.
This law is intended to give municipalities an opportunity to acquire foreclosed residential properties in order to preserve affordable housing options in their communities.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Accompanied a study order, see H4933 (on 06/29/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H2170 |
| Bill | https://malegislature.gov/Bills/192/H2170.pdf |
Loading...