Bill > H1489

This bill creates a new savings program called "tenant's escrow accounts" designed to help rental tenants save money to purchase a home. The executive office of housing and livable communities would develop and manage the program, which allows tenants to voluntarily contribute a portion of their rent to an individual escrow account that can only be withdrawn for a home down payment. Landlords who contribute to these accounts would receive a significant tax benefit, being able to deduct three times their contribution amount from their annual taxable income. The state would also match landlord contributions, and a separate Tenant's Escrow Fund would be established to manage these funds. The executive office would have the authority to create regulations for the program, with options for landlords to either direct their contribution to a specific tenant or make a general contribution available to eligible tenants based on criteria set by the office. Before implementing any regulations, the office must submit proposed rules to housing committees and ways and means committees at least 30 days in advance, ensuring legislative oversight of the program's implementation.

Housing and Urban Affairs

https://malegislature.gov/Bills/194/H1489