Vote Smart's Synopsis:

Vote to pass a bill that expands affordable housing opportunities.

Highlights:

• Reduces certain income barriers on sheriffs sales on foreclosed homes for low-income families (Pg. 5).

• Authorizes community development nonprofit corporations to bid on forclosed homes on behalf of a distressed homeowner that can’t secure financing (Pg. 11).

• Requires community development nonprofit corporations bidding on forclosed homes restore and sell the house to a low-income family making no more than 120 percent of the county’s median income, or rent the home to a family making below 100 percent of the county’s median income (Pg. 11).

• Requires a 30-year deed restriction be implemented on a property if sold by a community development nonprofit corporation, meaning that the house must be sold to a future home buyer earning less than 120 percent of the county’s median income, or rent the home to a family making below 100 percent of the county’s median income (Pg. 12).

• Defines “nonprofit community development corporation” as a not-for-profit organization, incorporated at least 36 months prior to the enactment of this bill whose mission centers around community revitalization through the restoration of vacant and abandoned property to create or preserve affordable housing (Pg. 13).

Full Bill Text