Bill > H1089

This bill proposes to grant cities or towns the right of first refusal on foreclosed residential properties. The key provisions are: 1. It requires creditors to notify the city or town clerk where the foreclosed residential property is located, if the city or town has accepted the provisions of this law. 2. It allows a city or town to submit an offer to purchase the foreclosed residential property within 90 days of receiving the notice. If the creditor accepts the offer, the parties must enter into an agreement to complete the sale. 3. If the city or town and the creditor do not reach an agreement within 90 days, the creditor may proceed with the foreclosure sale. 4. The city or town may designate a third party to act on its behalf as the purchaser, but the designated party must agree to place an affordable housing restriction on the property. The overall purpose of the bill is to give cities and towns the opportunity to acquire foreclosed residential properties and preserve them as affordable housing.

Government Affairs

https://malegislature.gov/Bills/190/H1089