HB331

Kentucky HB331 mandates renovation and occupancy of residential properties purchased at a master commissioner's sale within specific timeframes.

Kentucky HB331 amends state law to require purchasers of residential properties sold at a master commissioner's sale to begin renovation within six months and return the property to occupancy within eighteen months. Occupancy can be achieved through actual occupancy or active marketing. The law applies to properties in counties with a land bank authority and excludes vacant lots or severely deteriorated properties. Failure to comply results in fines and potential property sale.