MA H1575

Authorizes creation of Historic District Stabilization Committees as Chapter 180 non-profit corporations, with boards of at least 7 members including real estate brokers, bankers, homeowners, residents, contractors, and counseling agencies active in the district

Grants Stabilization Committees eminent domain authority to acquire real estate, mortgages, tax obligations, and other property interests in default at fair market value, with payment from eventual sale proceeds

Requires Committees to conduct real estate market studies with city planning departments and Regional Planning Commissions to establish a Community Appraisal Framework projecting future property values

Mandates Committees to inventory all properties in default, refer occupied homes to mortgage counseling, manage vacant properties, and restore damaged houses following U.S. Department of Interior rehabilitation standards

Limits protections to Historic Districts within HUD-designated Stabilization Target Areas based on foreclosure rates and subprime mortgage data from the 2008 Neighborhood Stabilization Program; communities not yet designated may qualify with petition of 51% of property owners if they formally create a local historic district within 180 days