Bill > S717

This bill creates a statutory housing restriction in Massachusetts that contains covenants, conditions, and a power of sale to help maintain affordable housing. Key provisions include: - Defining terms like "affordable value," "eligible household," and "statutory housing restriction" that set parameters for the affordable housing program. - Allowing certain entities like government bodies and nonprofit organizations to hold the statutory housing restrictions. - Providing procedures for the holder to determine the affordable value and certify compliance with the restriction. - Establishing that the statutory housing covenants and conditions continue in effect even after foreclosure by a mortgage holder. - Requiring that when statutory housing premises are sold at foreclosure, the sale be limited to eligible households up to the affordable value or to the holder at that value. - Creating a new chapter in the law that governs the exercise of the statutory housing power of sale, including notice requirements and procedures for public auction or sale to the holder. - Allowing owners to redeem the property by complying with the statutory housing restriction. - Prohibiting the release of any affordable housing restriction purchased with state or municipal funds unless it is repurchased at fair market value.

Budget and Finance, Housing and Urban Affairs

https://malegislature.gov/Bills/190/S717