Bill > H3040

This bill establishes a comprehensive framework for municipalities in Massachusetts to voluntarily participate in a program that allows residential property owners to finance specific home improvements through betterment assessments. The program permits homeowners to fund qualifying improvements such as sewage system upgrades, roof repairs, flood mitigation, energy efficiency upgrades, renewable energy installations, water conservation improvements, and wind-resistant modifications. Municipalities can choose to participate by majority vote and can work individually or through interlocal agreements. The bill sets strict requirements for financing, including that the total assessment cannot exceed 20% of a property's fair market value, the term cannot exceed 30 years, and annual payments cannot surpass 10% of the homeowner's annual household income. The program includes robust consumer protections, such as mandatory written disclosures, a three-day cancellation period, and prohibitions on misleading marketing practices. Contractors must be registered and meet specific licensing and compliance standards, and program administrators must provide annual public reporting on the improvements funded. The betterment assessment becomes a lien on the property that transfers with property ownership and has priority similar to property tax liens, ensuring a standardized and transparent mechanism for financing residential property improvements.

Budget and Finance

https://malegislature.gov/Bills/194/H3040