An Act enabling a local option for a real estate transfer fee to fund affordable housing
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill would allow cities and towns in Massachusetts to implement a fee on real estate transfers. The revenue generated from this transfer fee would be specifically designated to fund affordable housing initiatives. It creates a local option, meaning each community would need to vote to adopt and implement this fee. This bill is similar to previous legislation aimed at supporting affordable housing through local revenue streams.
Key provisions
- Allows local municipalities to establish a real estate transfer fee.
- Specifies that revenue from the transfer fee must be used for affordable housing.
- Creates a ‘local option’ – communities must vote to implement the fee.
- Mirrors previous legislation regarding local funding for affordable housing.
Who is affected
- Homebuyers
- Real estate sellers
- Cities and towns in Massachusetts
- Affordable housing developers
- Potential residents of affordable housing
Notable changes
- Establishes a new funding mechanism for affordable housing at the local level.
- Builds upon previous attempts to utilize transfer fees for affordable housing.
- Requires local community approval for implementation.
Bill text
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Sponsors
Official sponsors from legislative records.
19 on record
Primary sponsor
Joanne M. Comerford
Cosponsors
Carmine Lawrence Gentile
James B. Eldridge
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