Bill > H3858

This bill aims to provide tax credits for certain certified rural housing redevelopment projects. It amends the General Laws by inserting a new chapter, Chapter 40Z, which establishes the Rural Housing Development Incentive Program. This program allows the Department of Housing and Community Development to designate municipalities as "rural areas" and certify eligible "rural housing development projects" that involve the substantial rehabilitation of existing multi-unit residential properties located in these designated rural areas. The bill also adds a new tax credit provision under Chapter 62 of the General Laws, allowing a tax credit of up to 25% of qualified project expenditures for the market-rate residential units within these certified rural housing redevelopment projects. The total amount of credits that can be authorized annually is capped at $10 million.

Budget and Finance

https://malegislature.gov/Bills/193/H3858