Bill > H1575

This bill establishes a Historic District Stabilization Committee to address foreclosure-related challenges in Massachusetts historic districts. The committee would be composed of diverse local stakeholders including residents, homeowners, real estate professionals, community organizations, and local banking experts, and would be formed through a petition process. The committee would have broad powers to acquire properties through eminent domain at fair market value, conduct comprehensive studies of the local real estate market, and develop a Community Appraisal Framework to determine property values. Its key responsibilities would include managing both occupied and vacant properties, referring homeowners to mortgage counseling, repairing and restoring vacant properties according to federal rehabilitation standards, and marketing properties to preserve neighborhood value and resident welfare. The bill specifically targets areas identified by the U.S. Department of Housing and Urban Development as experiencing high foreclosure rates, and requires the committee to prioritize local resident employment for restoration and management tasks. The legislation is designed to be an emergency measure taking effect immediately, with the goal of stabilizing historic districts impacted by the foreclosure crisis by providing a structured, community-driven approach to property management and restoration.

Housing and Urban Affairs

https://malegislature.gov/Bills/194/H1575