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SENATE DOCKET, NO. 529        FILED ON: 1/12/2009

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 637

 

The Commonwealth of Massachusetts

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PRESENTED BY:

Anthony D . Galluccio

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
              Court assembled:

              The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:

An Act to encourage homeownership in foreclosed properties.

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PETIT ION OF:

 

Name:

District/Address:

Anthony D. Galluccio

Middlesex, Suffolk and Essex

Linda Dorcena Forry

12th Suffolk

Bruce E. Tarr

First Essex and Middlesex

Karen E. Spilka

Second Middlesex and Norfolk

Timothy J. Toomey, Jr.

26th Middlesex

Denise Provost

27th Middlesex


The Commonwealth of Massachusetts
 

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In the Year Two Thousand and Nine

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An Act to encourage homeownership in foreclosed properties.

              Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

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 r ecommend 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 renta l 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 oppo rtunities 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: t he 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 th e 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 dr afts of legislation to carry its recommendations into effect.

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