Bill > S1000

This bill creates a comprehensive statutory framework for housing restrictions designed to maintain affordable housing, establishing detailed definitions, processes, and legal mechanisms for preserving housing affordability. The bill introduces a new set of legal concepts including "statutory housing restrictions," "eligible households," and "affordable value," which allow governmental bodies, nonprofits, and other entities to create and enforce housing restrictions that ensure properties remain affordable over time. The legislation provides specific rules for how these housing restrictions can be maintained, transferred, and enforced, including provisions for selling restricted properties, handling foreclosures, and protecting the affordable housing status even during ownership changes. Key provisions include defining how affordable value is calculated (typically based on the original purchase price adjusted for area median income), establishing who can be a "holder" of a housing restriction, creating standardized forms for housing restriction documents, and outlining detailed procedures for selling or foreclosing on properties subject to these restrictions. The bill also ensures that if a restricted property is sold or foreclosed, it must be sold to an eligible household at or near its affordable value, with mechanisms like lottery selection if multiple eligible buyers are interested. Additionally, the bill includes protections to prevent the release of housing restrictions purchased with public funds without repurchase at fair market value.

Housing and Urban Affairs

https://malegislature.gov/Bills/194/S1000