Bill > S2762

This bill creates a new permanent affordability homeownership program through the Executive Office of Housing and Livable Communities designed to help develop permanently affordable housing for low and moderate income home buyers. The program defines "low and moderate income" as households earning between 70% and 120% of the area median income, and "permanently affordable" as housing units subject to an affordable housing restriction that will last indefinitely. The program will be funded through appropriations and potentially federal funds, with specific restrictions on fund usage: grants can only be used for creating permanently affordable homeownership units (including units within mixed-use developments), and projects must be between 1-25 units in size. The program requires the secretary of housing and livable communities to submit an annual report to legislative clerks detailing the projects funded, including grant amounts, number of housing units created, affordability levels, and project sizes. The bill also mandates that the executive office develop regulations for implementing this program by December 31, 2027, ensuring a structured approach to creating more accessible homeownership opportunities for lower-income residents in Massachusetts.

Budget and Finance

Joint Committee on Housing (Joint)

https://malegislature.gov/Bills/194/S2762