Bill > H3873

This bill establishes the Massachusetts Social Housing Program, to be administered by the Massachusetts Housing Finance Authority (MHFA) or another designated state agency. The key provisions of the bill are: 1. It creates a $100 million Social Housing Production Revolving Loan Fund to provide financial assistance to local and regional housing authorities for the development of mixed-income social housing. The housing developments must remain in public ownership, defined as at least majority ownership or control by a local or regional housing authority. 2. The MHFA will provide revolving loans, bridge loans, and other credit instruments from the Fund to finance the development of these mixed-income social housing projects. The rental units will include market-rate units and below-market-rate units that meet or exceed federal affordability set-asides. 3. The below-market-rate units will remain restricted at the elected affordability levels for at least 99 years, and the developments must adopt rent stabilization guidelines. 4. The developments will be required to target net-zero energy performance standards and cannot include any new gas hookups. 5. The bill authorizes the issuance of $100 million in bonds to initially capitalize the Social Housing Production Revolving Loan Fund. 6. The bill allows the Executive Office of Housing and Livable Communities to designate an alternate state agency or authority to administer the program, and it sets requirements for public works and procurement laws to apply to the development of these social housing projects.