An Act allow all towns and cities to use Tax Increment Financing (TIF) as an incentive for housing (residential rehab or commercial conversion)
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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 all Massachusetts towns and cities to use Tax Increment Financing (TIF) to encourage housing projects, including residential rehabilitation and commercial conversions. TIF is a financing tool that allows municipalities to capture the increased property tax revenue generated by a development project and use that revenue to pay for infrastructure improvements or other costs associated with the project. The goal is to stimulate housing development and revitalization within communities.
Key provisions
- Allows all Massachusetts towns and cities to utilize Tax Increment Financing (TIF).
- Specifically targets residential rehabilitation and commercial conversion projects.
- Enables municipalities to leverage increased property tax revenue for project funding.
- Aims to incentivize investment in housing development.
- Supports community revitalization efforts.
Who is affected
- Towns and cities in Massachusetts
- Developers of residential and commercial properties
- Local governments
- Homeowners
- Real estate investors
Notable changes
- Expands the use of TIF beyond current limitations.
- Broadens the scope of eligible projects to include both residential and commercial conversions.
Bill text
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Sponsors
Official sponsors from legislative records.
6 on record
Primary sponsor
Cosponsors
Bradley H. Jones Jr.
Donald R. Berthiaume Jr.
Joseph D. McKenna
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