Bill > S1955

This bill establishes a Martha's Vineyard housing bank mechanism that allows towns on Martha's Vineyard to implement a real estate transfer fee to fund affordable and year-round housing initiatives. The transfer fee would range from 0.5% to 2% of a property's sale price above a $1,000,000 threshold, to be paid by the property purchaser. The bill provides extensive details about how the collected fees would be managed, including provisions for towns without an existing regional housing trust to temporarily deposit fees with the Dukes County treasurer. Numerous exemptions are outlined, such as transfers under $1,000,000, transfers between family members, gifts, government transfers, and properties with existing affordable housing units. The legislation requires transparency through annual reporting to state housing authorities and the department of revenue, and establishes an appeals process for those who disagree with fee assessments. The primary goal is to create a sustainable funding mechanism to support housing affordability on Martha's Vineyard, with specific protections to ensure the fees are used exclusively for year-round and attainable housing purposes. Towns can individually opt into the program by majority vote and can establish different fee rates based on property classifications and purchase prices.

Budget and Finance

https://malegislature.gov/Bills/194/S1955