Bill > H4514

This bill authorizes the city of Boston to fund affordable housing through a fee on certain real estate transfers. The bill allows the city to impose a fee of up to 2% of the purchase price on real property transfers, with 1% paid by the seller and 1% paid by the purchaser. The bill provides exemptions for transfers between family members, transfers of convenience, transfers to government entities, and transfers where the sale price is under $2 million. The city can also adopt additional exemptions and regulations to implement and enforce the fee, which will be deposited into the city's neighborhood housing trust. The city is required to issue an annual report on the fee receipts and the affordable housing programs funded. The bill is intended to address the city's housing emergency and mitigate the impacts of speculative real estate practices.