This bill establishes the Housing Development Fund under the jurisdiction of the Department of Housing. The fund will be used to promote the development, redevelopment, and update of housing in order to make housing more affordable and available in the state. The bill also establishes a program called the "housing land bank" to be operated by the Department of Housing. The department is authorized to acquire real property or interests in real property and deposit them into the land bank. The bill also makes several amendments to current law regarding the acquisition and disposition of real estate assets by the Department of Environmental Management.

Additionally, the bill adds a new chapter to Title 42 of the General Laws entitled "DEPARTMENT OF HOUSING LAND BANK PROGRAM." This chapter includes provisions for the establishment of the program, the establishment of an account for the land bank, the acquisition of property and deposit into the land bank, and public inspection of records. The bill also adds a new chapter to the General Laws entitled "Department of Housing Residential Development Programs." This chapter defines various terms related to the department of housing and establishes the department as the entity responsible for residential development programs. The bill also includes a definition for "foreclosing governmental unit" and includes the department as one of these units.

Statutes affected:
5978: 42-64-11, 37-6-6, 45-24-28, 42-11-10