An Act establishing a real estate transfer fee upon the transfer of residential property in the Town of Falmouth for the purpose of funding 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 the town of Falmouth to collect a real estate transfer fee each time residential property is sold. The revenue generated from this fee would be specifically dedicated to funding affordable housing projects within the town. The bill was petitioned by Falmouth residents and subsequently referred to the Joint Committee on Revenue for consideration. This is part of a series of similar bills addressing transfer fees in various Massachusetts towns.
Key provisions
- Establishes a real estate transfer fee on residential property sales in Falmouth.
- Specifies that the revenue collected will be used for affordable housing.
- Requires local approval from the town of Falmouth to implement the fee.
- The bill was referred to the Joint Committee on Revenue for review.
Who is affected
- Residents of Falmouth
- Property sellers in Falmouth
- Developers of affordable housing in Falmouth
- The Town of Falmouth
Notable changes
- Introduces a new revenue stream for affordable housing funding.
- Creates a local mechanism for directing funds to affordable housing initiatives.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Cosponsors
David T. Vieira
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