An Act relative to modernizing Chapter 40R
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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 seeks to update and modernize Chapter 40R, a state program that provides financing for affordable housing development. The goal is to streamline the program’s processes, improve its effectiveness, and ensure it continues to meet the state’s housing needs. Specifically, the bill proposes changes to eligibility requirements, application procedures, and project approval processes within Chapter 40R. It aims to create a more efficient and responsive system for supporting affordable housing initiatives.
Key provisions
- Streamlines the application process for Chapter 40R projects.
- Updates eligibility criteria for developers and projects.
- Modifies project approval procedures to reduce timelines.
- Expands the types of projects eligible for Chapter 40R financing.
- Addresses issues related to project financing and sustainability.
- Clarifies requirements for project reporting and monitoring.
Who is affected
- Developers of affordable housing
- Housing finance organizations
- Municipalities involved in affordable housing development
- Low- and moderate-income residents seeking affordable housing
- The Commonwealth of Massachusetts
Notable changes
- Revisions to the definition of ‘affordable housing’ under Chapter 40R.
- Changes to the allowable uses of Chapter 40R funds.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Joint Committee on Community Development and Small Businesses
Cosponsors
Jeffrey Rosario Turco
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