An Act creating the tenant’s escrow accounts
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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 proposes establishing a tenant’s escrow account program in Massachusetts. The program would require landlords to set aside a portion of each rental payment into an escrow account for their tenants. These funds would be available to tenants to help them save for a down payment on a home. The goal is to increase homeownership opportunities for renters.
Key provisions
- Landlords must establish tenant’s escrow accounts.
- A portion of each rental payment will be automatically deposited into the escrow account.
- The program aims to assist tenants in saving for a down payment.
- The escrow accounts would be managed by a designated entity.
- The bill does not detail the criteria for accessing the funds in the escrow account.
Who is affected
- Rental Tenants
- Landlords
- First-time homebuyers
- The Housing sector
- Massachusetts residents
Notable changes
- This bill introduces a new mechanism for assisting renters in saving for homeownership.
- It’s unclear if this is a significant departure from existing housing assistance programs.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Cosponsors
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