Bill > H3183

This bill expands the use of Tax Increment Financing (TIF), a economic development tool that allows municipalities to incentivize business and housing development by redirecting future property tax increases from a specific area to support improvement projects. The bill modifies existing law to explicitly permit municipalities to offer TIF incentives for residential rehabilitation and commercial conversion projects. Specifically, the Economic Assistance Coordinating Council (EACC) can now designate an area as TIF-eligible if the proposed project includes converting or rehabilitating neglected, dilapidated, or underutilized buildings into usable dwelling units, in addition to the existing criteria of promoting business growth, job creation, and economic resilience. Any TIF agreement must still be approved by the EACC, which must verify that the project complies with legal requirements and will contribute to increasing housing supply, industrial capacity, or commercial activity in Massachusetts. The bill aims to provide more flexibility for towns and cities to use TIF as a tool for addressing housing needs and revitalizing underused properties.

Budget and Finance

https://malegislature.gov/Bills/194/H3183