2. Affordable Housing Deed Restrictions: Responsibilities, Liabilities, and Best Practices in Re-Sales, Refinancings and Foreclosures
RSVP by June 16, 2008 to Laurie Rizzelli at (617) 854-1886 or by e-mail at lrizzelli@masshousing.com
Reservations are required, complimentary lunch will be served.
Wednesday, June 18, 2008 - 12:00 pm
MassHousing - One Beacon Street, Boston
Deborah Goddard, Massachusetts Department of Housing and Community Development (DHCD), will moderate a panel discussion on affordable housing deed riders. Panelists, including Leslie J. Cook, Chicago Title Insurance Company, will:
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Provide a brief overview of the policy and statutory basis of affordability restrictions and key provisions,
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Review the problems that regularly arise when property subject to a restriction is re-sold/ refinanced, or mortgage foreclosure remedies are exercised, and
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Discuss "best practices” for title examiners and bank and foreclosure counsel.
Background:
Federal, state and municipal loan programs that support the development of affordable housing typically impose restrictions on property to maintain its availability to low-income persons or families for a specified period of time. A failure to comply with restriction requirements at the time of a re-sale, refinancing or foreclosure can raise significant issues, including potential challenges to the validity of a new mortgage, title insurance claims and liability for the unauthorized practice of law. |