Budget Amendment ID: FY2013-S4-217

ECO 217

Foreclosed Property Acquisition and Rehabilition

Mr. Moore and Ms. Chandler and Messrs. Eldridge, DiDomenico and Donnelly moved that the proposed new text be amended by inserting, after section ____, the following new section:-

"SECTION _____.  Not later than 10 days after the start of fiscal year 2013, 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."