An Act relative to the sale of foreclosed residential property to certain cities and towns

This bill allows Massachusetts cities and towns to purchase foreclosed residential properties before they are sold to the public. Under the new rules, lenders must offer these properties to local municipalities first, provided the town has accepted the program, but homeowners are not forced to sell to the city. If a town wants to buy a property, it has 90 days to submit an offer; if no agreement is reached within that time, the lender can proceed with the original foreclosure sale. The legislation also permits towns to hire a third-party designee to handle the purchase on their behalf, with the requirement that the property be used for affordable housing.