An Act relative to reducing damage caused by the current foreclosure crisis in the historic districts of Massachusetts

This bill creates Historic District Stabilization Committees in Massachusetts communities facing foreclosure crises in designated historic areas. The committees, formed by local organizations, can acquire properties through eminent domain at fair market value to prevent vacant/vandalized homes. They must conduct market studies to establish a Community Appraisal Framework, manage occupied properties through homeowner counseling, and restore vacant properties to meet federal rehabilitation standards. These committees will also market acquired properties using the established framework to stabilize neighborhood values. The bill directly affects historic districts with high foreclosure rates, aiming to protect community investments without harming legitimate financial interests.