Affordable housing continues to be a focal point of local governments. Now this issue is being taken up in two state legislatures in new and unique approaches.
In Rhode Island, local tax-sale investors have asked state lawmakers to ban remote participation at municipal tax sales, arguing that distant financial firms bidding at these auctions are preventing derelict or underutilized urban properties from being spruced up or turned into new housing.
In Ohio, a bill under consideration, a corporation or institutional investor can still be the highest bidder at sheriff’s sales. However, there will be a waiting period. During that time, someone who is renting that property has the first opportunity to buy it under preset conditions. If that doesn’t happen, during that same window, the property could be purchased by another buyer including non-profit groups involved in providing affordable housing with their set of conditions
For more information, please click on following links:
Rhode Island; Should RI tax sales be for ‘locals only?’ Bill seeks to reduce out-of-state competition
Ohio: Ohio lawmaker hopes bill can help first-time homebuyers in competitive real estate market