Amendment ID: S2834-93

Amendment 93

EOHLC Study on Foreclosed Properties

Ms. Miranda moves that the proposed new text be amended by inserting the following section:-

SECTION XX. The executive office of housing and livable communities shall conduct a study on the expansion of access of foreclosed properties to first-time home buyers, and homebuyers with government-backed mortgages or home loans that are fully or partially insured by a state or federal government agency. The department shall analyze: (i) the barriers that exist for first-time home buyers in purchasing foreclosed residential properties;, (ii) the impact the change of ownership from a local resident to investors has on the market;,  (iii) the impact that these property investor owners  have on the health and stability of low-income and minority neighborhoods;, (iv) the impact of investors displacing potential owner-occupants who would otherwise acquire these properties; and (v) the impact investors purchasing foreclosures have on  the stock of affordable rental housing. Not later than December 30th, 2024, the executive office shall submit a report on its findings and recommendations, including proposed legislation, if any, to the clerk of the senate and house of representatives and the senate and house committees on ways and means, the senate and house committees on housing, and the senate and house committees on racial equity, civil rights, and inclusion.