Bill > H1537

This bill addresses the sale of Chapter 40B properties purchased before 2010, providing specific guidelines for how these affordable housing properties can be sold. Chapter 40B is a Massachusetts law designed to create affordable housing by allowing developers to build housing that may bypass local zoning restrictions if a certain percentage of units are affordable. The bill allows residents who purchased these properties prior to 2010 to sell their homes at fair market value, which will remove the property's 40B status. When such a property is sold, it will be treated as a standard market-rate property, but the local town or city must ensure that future residential development projects include a proportional number of affordable housing units to maintain the overall affordable housing stock. Additionally, homeowners who previously received reduced Homeowners Association (HOA) fees due to their 40B status will be required to pay the difference between their reduced rate and the regular rate to the HOA after selling their property. The Executive Office of Housing and Livable Communities will be responsible for implementing these new regulations, which aim to provide more flexibility for long-term 40B property owners while still preserving affordable housing opportunities.

Housing and Urban Affairs

https://malegislature.gov/Bills/194/H1537