2. Real Estate Legislation Committee
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Wednesday, January 17, 2007
12:00 p.m.
Boston Bar Association
New Public Policy Initiatives Regarding Housing
The Real Estate Public Policy Committee will introduce two new legislative initiatives at its January 17 meeting to discuss the pros and cons of pursuing BBA wide support of the bills.
One proposes amendments to Sections 5 and 6 of Chapter 183A. These amendments would change 183A to state clearly the choices a declarant can make as to how percentage interests can be established and how common expenses can be allocated in mixed income housing where some units are sold at less than market prices subject to an affordable housing restriction. This legislation is intended to allow more equitable structuring of increasingly complex situations, free of legal uncertainty.
The other bill proposes a new structure of statutory housing covenants, on a statutory housing condition with a statutory housing power of sale, to create a legal baseline for housing restrictions in a manner analogous to the baseline established for mortgages in Chapter 183, Sections 17, 18 and 19 . This legislation would allow housing restrictions, which are now entirely contractual, to share a common core structure based in statutory provisions with whatever contractual provisions overlaying as the parties desire, as mortgages have for nearly a century.
Both of these proposals have the potential to flow into the Governor's announced priority for housing in Massachusetts. Each of these proposed bills is being filed by Citizens Housing and Planning Association, the long term leading advocate for affordable housing in Massachusetts
Join the discussion at the Commitee's January 17 meeting if you are interested in participating in the discussion
You can email Peter Farrow at pfarrow@peterbfarrow.com for copies of the proposed legislation.
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