The bill introduces a new chapter, CHAPTER 55.2, within Title 42 of the General Laws, establishing a "housing land bank" program managed by the Department of Housing. This program is designed to enhance the acquisition and development of residential housing by enabling the department to acquire real property through various means such as purchase, transfer, and foreclosure. It mandates the creation of an account for holding real estate assets intended for residential development and outlines the conditions under which municipalities can transfer property to the land bank. The department is also granted the authority to reject property transfers that may present financial or operational risks.

Furthermore, the bill emphasizes public transparency by requiring the department to maintain an inventory of all properties in the land bank, accessible for public inspection. It exempts these properties from legal processes during their holding period, with certain exceptions, and mandates annual reviews by state and municipal entities of their real estate assets to identify surplus properties suitable for residential development. Additionally, the bill stipulates that before any sale, long-term lease, or other disposition of surplus properties, public bodies must notify the department, allowing it the right of first refusal to purchase the asset at the advertised price or the lowest acceptable price. This legislation aims to streamline the process of acquiring and developing land for residential purposes while ensuring transparency and accountability in the management of real estate assets.