Bill > H1382

This bill aims to establish a Historic District Stabilization Committee in Massachusetts to address the current foreclosure crisis affecting historic districts. The key provisions of the bill include: 1. Authorizing the formation of a Historic District Stabilization Committee composed of local residents, homeowners, real estate professionals, community organizations, and other stakeholders to oversee the stabilization efforts. 2. Granting the Committee the power to acquire, by eminent domain, any real estate or related property interests (such as mortgages, tax obligations, or assignments of mortgages) that are in default within the historic district, and to use the proceeds from the eventual sale of these properties to compensate the original owners. 3. Requiring the Committee to conduct a comprehensive study of the historic district's economic capacity and real estate market, and to use this information to establish a Community Appraisal Framework to guide the valuation and management of the properties. 4. Mandating the Committee to inventory all properties impacted by defaults, refer homeowners to mortgage counseling, manage occupied and vacant properties, and restore damaged properties in accordance with historic preservation standards. 5. Directing the Committee to market the acquired properties in line with the Community Appraisal Framework, and to establish a Housing Center to coordinate these efforts. 6. Allowing communities that meet the criteria for historic district designation, but are not yet officially designated, to receive the protections of the bill upon petition by a majority of property owners. 7. Restricting the provisions of the bill to historic districts within the Stabilization Target Areas defined by the U.S. Department of Housing and Urban Development based on foreclosure, subprime mortgage, and default data. 8. Requiring the Committee to utilize local residents to the maximum extent feasible for restoration, management, and marketing services. 9. Authorizing the Committee to hire personnel, make contracts, issue debentures, and take other necessary actions to carry out the purposes of the bill.