Bill > H1431

This bill aims to increase access and financing for smart growth developments. The key provisions include: 1. Changing the word "shall" to "may" in Section 6 of Chapter 40R, which gives cities and towns more flexibility in implementing smart growth development programs. 2. Increasing the maximum financial incentives provided under Chapter 40R, including raising the base payment from $10,000 to $20,000 per new housing unit, the payment for low-income units from $75,000 to $150,000, the payment for 40R districts from $200,000 to $400,000, and the payment for 40R districts with at least 20% low-income units from $350,000 to $700,000. Additionally, the bill creates a new "transit-oriented-development bonus payment" of $3,000 per new housing unit built within half a mile of a transit stop. The overall goal of this bill is to provide more resources and incentives to encourage and support the development of smart growth projects, particularly those located near public transportation, in order to increase housing supply and promote sustainable, transit-oriented development.

Housing and Urban Affairs

https://malegislature.gov/Bills/192/H1431