An Act establishing the Martha’s Vineyard housing bank
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill establishes the Martha’s Vineyard Housing Bank, a new entity designed to address the critical housing shortage on Martha’s Vineyard. The bank will utilize state and local funds to provide financial assistance for affordable housing projects and support homeowners in preserving their homes. It aims to increase the availability of housing options for residents and mitigate the impacts of rising housing costs on the island community. The bank’s operations will be overseen by a board appointed by the Governor.
Key provisions
- Creates the Martha’s Vineyard Housing Bank.
- Authorizes the bank to receive and utilize state and local funds.
- Provides financial assistance for affordable housing development.
- Supports homeowners in maintaining existing housing.
- Establishes a board to oversee the bank’s operations.
Who is affected
- Residents of Martha’s Vineyard
- Housing developers
- Homeowners on Martha’s Vineyard
- The Commonwealth of Massachusetts
- Local government on Martha’s Vineyard
Notable changes
- Establishes a dedicated funding mechanism for affordable housing on Martha’s Vineyard.
- Creates a new institutional structure to address housing needs.
- Potentially streamlines the process for affordable housing projects.
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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