Amendment #170 to H4707

Homeownership Opportunity Fund

Mr. Barrett of North Adams moves to amend the bill in section 2A, by inserting after item 7004-0079 the following item:

“XXXX-XXXX. For the Homeownership Opportunity Fund, established in section 2FFFFFF of chapter 29 of the General Laws, inserted by section 6………………………………………………………………………………...$7,500,000

And further amend the bill, in section 5, by striking out, in line 718, the figure “7” and inserting in place thereof the following figure: 8

And further amends the bill, in said section 5, by adding the following:

“Section 38. (a) The executive office of housing and livable communities shall establish a program to enable municipalities with a population of less than 15,000 to purchase blighted, dilapidated or foreclosed properties for the purpose of rehabilitating the properties and selling them to eligible first-time homeowners at a below-market rate.

(b) The executive office shall promulgate any regulations necessary to implement this section.”

And further amends the bill, in section 6, in line 1030, by striking out the word “section” and inserting in place thereof the following 2 words: 2 sections

And further amends the bill, in said section 6, by adding the following:

“Section 2FFFFFF. (a)

There shall be established and set up on the books of the commonwealth a separate fund known as the Homeownership Opportunity Fund. There shall be credited to the fund: (i) revenue from appropriations or other funds authorized by the general court and specifically designated for the fund; (ii) any gifts, grants or private contributions; (iii) any interest on the funds’ assets; (iv) all revenues derived from the purchase or mortgage payments for the properties within the program; and (v) any funds from any other sources. Amounts credited to the fund shall be expended without further appropriation. Any balance in the fund at the close of a fiscal year shall be available for expenditure in subsequent fiscal years and shall not be transferred to any other fund or revert to the General Fund; provided, that the comptroller shall report the amount remaining in the fund at the end of each fiscal year to the house and senate committees on ways and means.

(b) The fund shall be administered by the executive office of housing and livable communities and funds shall be expended for the purpose of promoting first-time homeownership in communities with a population of not more than 15,000.  Activities eligible for assistance from the fund shall include, but shall not be limited to: (i) the purchase by a municipality or designated non-profit of blighted, dilapidated or foreclosed properties located within the communities; (ii) the renovation and rehabilitation of said properties; (iii) the sale of said rehabilitated properties by a municipality or designated non-profit to prospective first-time homeowners; and (iv) the issuance of mortgages to said first-time homeowners at a below-market rate.

(c) Grantees eligible for assistance shall include, but shall not be limited to, municipalities of not more than 15,000 people, any private, non-profit agency of any state-funded public housing authority.