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MA S1000
Bill
Status
Introduced
2/27/2025
Primary Sponsor
Edward Kennedy
Click for details
AI Summary
- Creates a new "statutory housing restriction" framework in Massachusetts law to preserve affordable housing units for eligible households with incomes at or below 80% of area median income
- Establishes "affordable value" pricing that ties resale prices to the original purchase price adjusted for area median income changes, preventing owners from selling at market rates
- Grants restriction holders (government bodies, nonprofits, municipal housing trusts) the power to sell properties upon owner default, with proceeds distributed to mortgagees, lienholders, and then owners
- Exempts statutory housing transactions from competitive bidding requirements under Chapter 30B and protects restrictions from being extinguished through foreclosure by conforming mortgagees
- Provides standardized deed forms, foreclosure procedures, and redemption rights specific to statutory housing, including requirements for sales to eligible households at capped prices with random selection when multiple qualified bidders exist
Legislative Description
Relative to creating a statutory housing restriction and providing remedies related to statutory housing
Last Action
Accompanied a study order, see S2765
12/4/2025
Committee Referrals
Housing2/27/2025
Full Bill Text
No bill text available