Amendment ID: S2842-3-R1

Redraft Amendment 3

Preserving housing stock

Messrs. Tarr and O'Connor, Ms. DiZoglio and Mr. Tran move that the proposed new text be amended by inserting after section 30 the following section:-

"SECTION 30A. The department of housing and economic development, in collaboration with the division of banks, shall study the impact of the outbreak of the 2019 novel coronavirus, also known as COVID-19, and the governor’s March 10, 2020 declaration of a state of emergency on the owners of residential and commercial property who rely on the rental income from such property, in whole or in part, to support the payment of mortgage obligations. The study shall include, but not be limited to: (i) an assessment of the current availability of mortgage relief for such owners, including forbearance; and (ii) the advisability, and potential impact, of requiring mortgagees to grant a forbearance for such owners whose rental income was significantly impacted, directly or indirectly, by COVID-19. Not later than November 1, 2020, the department of housing and economic development shall file the report with the clerks of the senate and house of representatives, the senate and house committees on ways and means, the joint committee on financial services and the joint committee on housing.”.