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 proposes allowing Massachusetts cities and towns to implement a fee on real estate transfers. The revenue generated from this fee would be dedicated to funding affordable housing projects. It creates a local option, meaning each community would decide whether or not to adopt the fee and at what rate. The bill aims to provide a new funding source for addressing the state’s affordable housing shortage.
Key provisions
- Allows local municipalities to establish a real estate transfer fee.
- Revenue from the fee is specifically earmarked for affordable housing initiatives.
- The fee is a ‘local option,’ giving municipalities the discretion to adopt it.
- It outlines the process for municipalities to implement and manage the fee.
Who is affected
- Homebuyers and sellers in Massachusetts
- Massachusetts cities and towns
- Developers of affordable housing
- Individuals seeking affordable housing
- The affordable housing sector
Notable changes
- Introduces a new potential revenue stream for affordable housing.
- Provides municipalities with local control over a fee on real estate transactions.
Fiscal impact
The fiscal impact of this bill is dependent on the adoption and rate of the real estate transfer fee by individual municipalities.
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
Arguments
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