Bill > H3039

This bill modifies Massachusetts' housing development incentive program by making several key changes. The Executive Office of Housing and Livable Communities (EOHLC) can now authorize up to $100 million in tax credits annually for housing development projects, with any unused credits from one year being able to carry forward to subsequent years. The bill also increases the per-project tax credit limit to $5 million for individual projects. Additionally, the definition of a "housing development project" is narrowed to specifically mean multi-unit residential rehabilitation projects in gateway municipalities that will contain at least 75% market-rate units (changed from the previous 80% requirement). The bill also requires the relevant department to approve municipal tax exemption agreements for housing development projects within 90 days. These changes are designed to incentivize housing development, particularly in gateway municipalities, by providing more flexible tax credit mechanisms and streamlining the approval process for such projects.

Budget and Finance

https://malegislature.gov/Bills/194/H3039