SENATE DOCKET, NO. 529 FILED ON: 1/12/2009
SENATE . . . . . . . . . . . . . . No. 637
The Commonwealth of Massachusetts
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PRESENTED BY:
Anthony D
. Galluccio
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To the Honorable Senate and House of Representatives
of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act to encourage homeownership in foreclosed properties.
_______________
PETIT
ION OF:
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Name:
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District/Address:
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Anthony D.
Galluccio
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Middlesex, Suffolk and Essex
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Linda Dorcena Forry
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12th Suffolk
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Bruce E. Tarr
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First Essex and Middlesex
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Karen E. Spilka
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Second Middlesex and Norfolk
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Timothy J. Toomey, Jr.
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26th Middlesex
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Denise Provost
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27th Middlesex
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The Commonwealth of Massachusetts
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In the Year Two Thousand and Nine
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An Act to encourage homeownership in foreclosed properties.
Be it enacted by the Senate and House of Representatives in General
Court assembled, and by the authority of the same, as follows:
SECTION 1.
The department of housing and community development shall establish a
task force to
review current practices by nonprofit organizations that purchase foreclosed properties and to r
ecommend mechanisms requiring that a percentage of foreclosed properties purchased by nonprofit organizations using federal, state or local subsidies be reintroduced for homeownership. The task force shall explore: (1) appropriate ratios relative to renta
l opportunities and homeownership opportunities for foreclosed properties purchased by nonprofit organizations; (2) the formulation of criteria limiting the length of time such foreclosed properties can be held before being reintroduced for homeownership;
(3) methods to assist nonprofit organizations in renegotiating mortgages and immediately marketing properties for homeownership; (4) the availability of resources and programs to qualify new homebuyers for purchase; (5) the availability of new lending oppo
rtunities for minorities; and (6)
any other issue
the task force determines relevant to encourage new homeownership in foreclosed properties.
The task force shall consist of 9 members and include one representative of each of the following organizations: t
he department of housing and community development, whose representative shall serve as chair; the executive office of administration and finance; the House chair of the committee on Housing; the Senate chair of the committee on Housing; a member appointed
by
the President of the State Senate; a representative appointed by the Speaker of the House of Representatives; the Massachusetts Housing Partnership; the Citizens’ Housing Planning Association; and the Massachusetts Municipal Association. Members of th
e task force shall serve without compensation.
Not later than 5 months after the effective date of this act, the task force shall submit to the Governor and to the Clerks of the House and Senate its detailed findings and recommendations, together with dr
afts of legislation to carry its recommendations into effect.
