Bill > H3056

This bill enables cities, towns, and regional affordable housing commissions to impose a transfer fee on real estate transactions to fund affordable housing initiatives. The transfer fee would range from 0.5% to 2% of a property's purchase price, with various exemptions, such as transfers under $1 million or transfers between family members. The fee would be paid by either the seller or purchaser, as determined by the local jurisdiction, and collected at the time of property transfer. Funds collected would be deposited into a municipal affordable housing trust fund or a regional affordable housing commission fund, with the goal of supporting the acquisition, construction, rehabilitation, and preservation of affordable housing for low- and moderate-income households. The bill requires local legislative approval to implement the fee and mandates annual reporting on fee collection and usage. To be eligible to impose the fee, MBTA communities must be in compliance with certain housing regulations, and the fee can be structured with different rates based on property classifications and purchase prices. The legislation also provides a framework for fee collection, enforcement, and appeals, with oversight from the Executive Office of Housing and Livable Communities.

Budget and Finance

https://malegislature.gov/Bills/194/H3056