SECTION 1.  The department of housing and community development shall establish a task force to review current practices by nonprofit organizations that purchase foreclosed properties and to recommend mechanisms requiring that a percentage of foreclosed properties purchased by nonprofit organizations using federal, state or local subsidies be reintroduced for homeownership.  The task force shall explore: (1) appropriate ratios relative to rental opportunities and homeownership opportunities for foreclosed properties purchased by nonprofit organizations; (2) the formulation of criteria limiting the length of time such foreclosed properties can be held before being reintroduced for homeownership; (3) methods to assist nonprofit organizations in renegotiating mortgages and immediately marketing properties for homeownership; (4) the availability of resources and programs to qualify new homebuyers for purchase; (5) the availability of new lending opportunities for minorities; and (6) any other issue the task force determines relevant to encourage new homeownership in foreclosed properties.

The task force shall consist of 9 members and include one representative of each of the following organizations: the department of housing and community development, whose representative shall serve as chair; the executive office of administration and finance; the House chair of the committee on Housing; the Senate chair of the committee on Housing; a member appointed by the President of the State Senate; a representative appointed by the Speaker of the House of Representatives; the Massachusetts Housing Partnership; the Citizens’ Housing Planning Association; and the Massachusetts Municipal Association.  Members of the task force shall serve without compensation. 

Not later than 5 months after the effective date of this act, the task force shall submit to the Governor and to the Clerks of the House and Senate its detailed findings and recommendations, together with drafts of legislation to carry its recommendations into effect.