Amendment #14 to H4324

Neighborhood Stabilization

Ms. Coakley-Rivera of Springfield moves to amend the bill inserting after Section 36, the following section:-

SECTION XX.Not later than 10 days after the effective date of this act, the comptroller shall transfer $9,000,000 from the General Fund to the Affordable Housing Trust Fund established by chapter 121D of the General Laws, and said funds shall be used by department of housing and community development as grants or loans for foreclosed property acquisition and rehabilitation, and related property inspection and improvements to local infrastructure that help promote neighborhood stabilization activities in areas that have high numbers of foreclosed and distressed properties, provided that loans and grants may be administered by the department through contracts with the Massachusetts Housing Partnership Fund established in section 35 of chapter 405 of the acts of 1985, as amended, and through the Neighborhood Stabilization Loan Fund, and provided further that notwithstanding section 3 of chapter 121D of the General Laws, the department may employ affordability restrictions consistent with federal Neighborhood Stabilization Program created pursuant to Division B, Title II of the Housing and Economic Recovery Act of 2008 and the American Recovery and Reinvestment Act of 2009. Grants and loans provided under this section shall be expended in communities that have suffered significant negative impact due to residential foreclosures and said communities shall represent a geographic diversity of communities across the Commonwealth.