An Act authorizing the town of Nantucket to impose a real estate transfer fee for affordable and workforce housing and related capital improvements
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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 allows the town of Nantucket to collect a real estate transfer fee when affordable and workforce housing is sold. The revenue generated from this fee will be used to fund related capital improvements for these types of housing projects. The goal is to provide additional resources for building and maintaining affordable housing options in Nantucket. This legislation requires local approval from the town of Nantucket.
Key provisions
- Authorizes Nantucket to impose a real estate transfer fee.
- Specifies that the fee applies to affordable and workforce housing.
- Directs revenue to capital improvements for affordable and workforce housing.
- Requires local approval from the town of Nantucket for implementation.
Who is affected
- Homebuyers of affordable and workforce housing in Nantucket
- The town of Nantucket
- Developers of affordable and workforce housing in Nantucket
Notable changes
- Creates a new revenue stream for affordable housing initiatives.
- Provides a dedicated funding source for capital improvements related to affordable housing.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Cosponsors
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