Bill > S1831

This bill makes several key changes to existing laws: 1. It increases the maximum tax credit amount for the Neighborhood Stabilization Tax Credit program from $10 million to $30 million, providing more funding for projects that stabilize and revitalize distressed neighborhoods. 2. It expands the definition of "project" under Chapter 121A to include "spot rehabilitation properties" - single-family homes, small multi-unit buildings, and small commercial properties that have been vacant for at least 12 months and are considered distressed. This allows non-profit organizations and others to undertake rehabilitation of these properties more easily. 3. It creates a new commission to study and make recommendations on improving the quality of housing stock in economically weaker areas, with a focus on making properties safer, more accessible for people with disabilities, and more resilient to climate change. 4. It requires the annual report on the Housing Development Incentive Program to provide more detailed information on approved projects, including rents, unit types, and tax credit amounts. Overall, the bill aims to support neighborhood stabilization and economic development efforts, particularly in distressed areas, through a combination of tax incentives, streamlined redevelopment processes, and policy analysis.

Budget and Finance

https://malegislature.gov/Bills/192/S1831