Bill > S694

This bill establishes a framework for "statutory housing restrictions," which are legal limitations placed on residential properties to ensure they remain affordable and occupied by eligible households. It defines key terms such as "affordable value" (the price at which the property can be resold, often tied to the original purchase price and area median income), "eligible household" (individuals or families meeting specific income and residency requirements), and "governmental body" (entities like federal, state, or local governments or their agencies). The bill outlines the conditions and covenants associated with these restrictions, including owner occupancy as a principal residence, timely payment of debts, and limitations on encumbering or selling the property above its affordable value. It also details the "statutory housing power to sell," which allows a designated "holder" (such as a governmental body or non-profit organization) to sell the property if the restriction's conditions are breached, with specific procedures for notice and sale. The bill provides remedies for owners and holders, including mechanisms for determining affordable value and procedures for foreclosure and redemption that prioritize maintaining the property's affordability.