Bill > S1937

This bill provides a local option for cities, towns, and regional affordable housing commissions to impose a transfer fee on real estate transactions to fund affordable housing efforts. The transfer fee would range from 0.5% to 2% of the property's purchase price, with the specific rate and payment responsibility (buyer or seller) determined by the local jurisdiction. The fee would apply to property transfers above a certain threshold (at least $1,000,000 or 100% of the county's median single-family home sales price), with numerous exemptions including transfers between family members, government transfers, gifts, and properties with existing affordable housing units. The collected fees must be deposited into a municipal affordable housing trust fund or regional affordable housing commission fund and used specifically for creating, preserving, or supporting affordable housing for low- and moderate-income households. Local jurisdictions must establish an appeals process for the fee, submit annual reports detailing fee collection and usage, and comply with regulations set by the executive office of housing and livable communities. Notably, MBTA communities can only implement this fee if they are in compliance with certain housing regulations, and the fee can be adopted through a majority vote by the local legislative body or according to regional commission procedures.

Budget and Finance

https://malegislature.gov/Bills/194/S1937