Bill > S1427

This bill creates the "Community Wealth Preservation Program" and expands access for certain buyers to purchase property from sheriff's sales. The key provisions include: 1. Requiring sheriffs to conduct foreclosure sales within 150 days and allowing the appointment of a Special Master if they cannot comply. 2. Establishing lower deposit requirements (3.5% instead of 20%) for bidders who intend to occupy the property as their primary residence for at least 84 months. 3. Allowing bidders who provide financing pre-approval to purchase residential properties, with a requirement to occupy the property as their primary residence for at least 84 months. 4. Granting the foreclosed-upon defendant or their next of kin the right of first refusal to purchase the property at the opening bid amount. 5. Allowing nonprofit community development corporations to purchase certain foreclosed properties and either sell or rent them as affordable housing. 6. Imposing penalties for failure to occupy the property as required and directing a portion of those funds to municipal affordable housing trust funds or the state's Affordable Housing Trust Fund.