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| 1 | AMENDMENT TO HOUSE BILL 5037
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| 2 | AMENDMENT NO. ______. Amend House Bill 5037 on page 1, by | ||||||
| 3 | inserting after line 3 the following:
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| 4 | "Section 1. Legislative findings. The General Assembly | ||||||
| 5 | finds that it is imperative for municipalities to reclaim | ||||||
| 6 | certain housing stock that has been used in various fraudulent | ||||||
| 7 | schemes and that now creates a nuisance to the municipality. | ||||||
| 8 | Distressed condominiums create a hazard and blight to the | ||||||
| 9 | general public and community, diminish the local tax base, | ||||||
| 10 | distort the true value of property in the community (thereby | ||||||
| 11 | creating illusory market values that harm innocent developers | ||||||
| 12 | and buyers), and remove housing from the rental market, | ||||||
| 13 | especially for low and moderate income renters. While normal | ||||||
| 14 | conservation and building code enforcement methods can | ||||||
| 15 | adequately deal with housing code violations found in | ||||||
| 16 | legitimately created condominium buildings which are managed | ||||||
| 17 | by functioning condominium associations, this Act is necessary | ||||||
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| 1 | because those normal code enforcement procedures are not | ||||||
| 2 | effective in dealing with distressed condominiums, because | ||||||
| 3 | there often is no functioning condominium board which can take | ||||||
| 4 | responsibility for the necessary code repairs. In that | ||||||
| 5 | situation the repairs may take years to complete, and the delay | ||||||
| 6 | can result in a property with such serious problems that the | ||||||
| 7 | property cannot be restored and instead must be demolished."; | ||||||
| 8 | and
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| 9 | on page 1, line 13, by replacing "one" with "2"; and
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| 10 | on page 1, by replacing lines 15 through 17 with the following: | ||||||
| 11 | "(A) 50% or more of the condominium units are not | ||||||
| 12 | occupied by persons with a legal right to reside in the | ||||||
| 13 | units; | ||||||
| 14 | (B) the building has serious violations of any | ||||||
| 15 | applicable local building code or zoning ordinance;"; and
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| 16 | on page 1, line 18, by replacing "(B)" with "(C)"; and
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| 17 | on page 1, line 21, by replacing "(C)" with "(D)"; and
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| 18 | on page 1, line 23, by replacing "(D)" with "(E)"; and
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| 19 | on page 2, line 1, by replacing "condominium" with "to 40% or | ||||||
| 20 | more of the condominium"; and
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| 1 | on page 2, line 2, after "termination;" by inserting "or"; and | ||||||
| 2 | on page 2, by replacing lines 3 through 6 with the following: | ||||||
| 3 | "(F) there is a delinquency on the property taxes for | ||||||
| 4 | at least 60% of the condominium units."; and
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| 5 | on page 3, line 6, by inserting after "court" the following:
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| 6 | ", after a hearing held upon giving notice to all interested | ||||||
| 7 | parties as provided in subsection (b),"; and
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| 8 | on page 3, line 19, after "under", by inserting "paragraph (2) | ||||||
| 9 | of"; and
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| 10 | on page 4, line 5, by replacing "sale" with "the sale"; and
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| 11 | on page 4, by replacing lines 6 through 8 with the following: | ||||||
| 12 | "time, expenses, and fees as approved by the court, shall be | ||||||
| 13 | deposited into an"; and
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| 14 | on page 7, line 9, by replacing "subsection (e)" with | ||||||
| 15 | "subsection (d)".
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