2007 House Bill 5566

Authorize certain state foreclosure subsidies and real estate ventures

Introduced in the House

Dec. 13, 2007

Introduced by Rep. Bert Johnson (D-5)

To create a state “community stabilization authority” with the power to borrow money and use it to subsidize homeowners facing foreclosure. The authority also would have to power to acquire, renovate and sell “troubled properties” in areas with high foreclosure rates and other factors that “demonstrate the need for community stabilization”.

Referred to the Committee on Banking and Financial Services