Overfinancing of Affordable Dwelling Units - 2010 Legislative Program

Initiate legislation that would amend the state foreclosure statute to give a redevelopment and housing authority, or local governing body where no such authority exists, the right to purchase any affordable dwelling unit (ADU) at foreclosure during the control period for the maximum control price in order to preserve affordable housing.  The fact that the dwelling unit in foreclosure is an ADU and is subject to restrictions and limitations governing ownership and resale would have to be a matter of record in documents included in the chain of title to the unit, recorded in the circuit court land records.





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