Bill > H1130

This bill establishes a framework for "statutory housing restrictions," which are legal limitations placed on residential properties to ensure they remain affordable for eligible households. It defines key terms like "affordable value" (the price an eligible household pays, adjusted for area median income), "eligible household" (owners and residents whose income meets certain criteria), and "governmental body" (entities like federal, state, or local governments or their agencies). The bill outlines a "statutory housing condition" that requires owners to occupy the property as their principal residence, pay debts, not over-encumber the property, and sell it only for an affordable value to an approved buyer. It also grants a "statutory housing power to sell" to the "holder" (typically a governmental body or non-profit organization) of the restriction, allowing them to sell the property if the conditions are breached. The bill provides specific procedures for how these restrictions are created, enforced, and terminated, including rules for foreclosure sales and redemption, aiming to maintain long-term housing affordability.