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| Bill Number |
S #17 (now S#2325) |
| Title |
An Act Revitalizing Communities Through Homeownership |
| Lead Sponsors |
Senator Susan Tucker and Representative Antonio Cabral |
| Status |
Referred to Joint Committee on Housing. Public hearing held on March 13, 2007. Committee reported the bill out in parts: 1) a redraft and 2) the original bill. The bill residue remains in committee. The new bill, S.2162, has been referred to the Bonding and Capital Expenditure Committee, March 19, 2007. Bonding, Capital Expenditure substituted language and reported out S. 2325 to Senate Ways and Means.
Senate Ways and Means substituted new text and reported out S.2375, which was ordered to a third reading. It passed to be engrossed on November 5, 2007 and will go to the House for consideration.
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Summary
CHAPA has received numerous requests to work with Senate and House members on developing a homeownership initiative for first-time homebuyers, focusing on strategies for increasing the availability and production of units, particularly as a revitalization strategy for urban neighborhoods. There is also strong interest in ensuring that this proposal will be effective in "weaker market" areas as recommended in our report on smaller cities. An earmark of new money for this purpose is included within the Housing Stabilization Fund in the housing bond bill.
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