Bill > S1946

This bill modifies several aspects of Massachusetts' housing development incentive program to encourage more housing development, particularly in gateway municipalities. The bill increases the annual cap on tax credits from the Executive Office of Housing and Livable Communities (EOHLC) to $100 million and allows any unused credits to be carried forward to subsequent years. It also sets a maximum credit limit of $5 million per individual project. The bill redefines a "housing development project" as a multi-unit residential rehabilitation project in a gateway municipality that will contain at least 75% market-rate units (reduced from 80%), and requires the department to approve municipal tax exemption agreements for such projects within 90 days. These changes are designed to incentivize housing rehabilitation and development in targeted municipalities by providing more flexible tax credit mechanisms and streamlining the approval process for development projects.

Budget and Finance

https://malegislature.gov/Bills/194/S1946