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 House
- Passed Senate
- 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 fee would be dedicated to funding affordable housing initiatives. Local governments would have the option to decide whether or not to adopt this fee and, if so, what the rate would be. This aims to provide a new source of funding for affordable housing projects within the state.
Key provisions
- Allows local municipalities to establish a real estate transfer fee.
- Specifies that revenue from the fee must be used for affordable housing.
- Provides local governments with the option to implement the fee.
- Requires local governments to determine the fee structure and implementation process.
Who is affected
- Homebuyers
- Home sellers
- Cities and towns in Massachusetts
- Affordable housing developers
- Real estate agents
Notable changes
- Creates a new potential funding source for affordable housing.
- Shifts the responsibility for funding affordable housing to local governments.
- Introduces a fee on real estate transactions, which could impact property values and transaction costs.
Bill text
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Sponsors
Official sponsors from legislative records.
33 on record
Primary sponsor
Cosponsors
Amy Mah Sangiolo
Carmine Lawrence Gentile
Christopher J. Worrell
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