Bill > H1482

This bill establishes an Accessory Dwelling Unit (ADU) Trust Fund to support low- and moderate-income property owners in creating additional housing units on their existing properties. The fund will be administered by the Executive Office of Housing and Livable Communities or through contracts with agencies like the Community Economic Development Assistance Corporation, Massachusetts Housing Partnership Fund, or Massachusetts Housing Finance Agency. Eligible participants are property owners with incomes up to 110% of the area median income, as defined by the U.S. Department of Housing and Urban Development. The fund can receive revenue from state appropriations, gifts, grants, private contributions, loan repayments, and investment income. Financial assistance can be provided in the form of grants, loans, or other support to cover pre-development and closing costs associated with building an ADU, such as architectural design, site preparation, utility connections, and permitting fees. The bill specifies that assistance will be the minimum amount necessary to make a project feasible, and the administering agency can offer low or no-interest loans, grants, and other financial supports. The Executive Office of Housing and Livable Communities is authorized to create regulations and guidelines for implementing and managing the fund, in consultation with the Executive Office of Economic Development.

Budget and Finance, Housing and Urban Affairs

https://malegislature.gov/Bills/194/H1482