Bill > S2832

This bill establishes the Starter Home Development Trust Fund, a new financial mechanism designed to support affordable homeownership for middle-income households. The fund will be managed by the executive office of housing and livable communities and can receive revenue from various sources including appropriations, gifts, grants, and investment income. The fund's primary purpose is to provide financial assistance for constructing new homes or substantially rehabilitating existing properties for households earning between 80% and 120% of the area median income. The bill directs the fund to partner with the Massachusetts Housing Finance Agency to expand the CommonWealth Builder Program statewide, with priority given to projects in designated starter home zoning districts. The executive office is required to submit an annual report detailing the fund's financial activities, including money received, projected deposits and expenditures, and the total number of housing units created. Additionally, the bill mandates that the executive office develop detailed regulations by December 31, 2027, which will outline application criteria, project selection processes, and the specific amount of financial assistance available per housing unit. Importantly, any money remaining in the fund at the end of a fiscal year will not be returned to the General Fund, ensuring continued support for affordable housing development.

Budget and Finance

Joint Committee on Housing (Joint)

https://malegislature.gov/Bills/194/S2832