Bill > H300

This bill establishes a Commonwealth underutilized building repair fund within the Massachusetts Development Finance Agency (the agency) to help developers revitalize buildings that are not being fully used, particularly in economically distressed areas. The fund will provide grants or loans to both nonprofit and for-profit entities for improvements such as installing or repairing elevators, ensuring handicapped accessibility, upgrading sprinkler systems, and making tenant improvements, as well as meeting other building code requirements. To qualify for assistance, applicants must demonstrate how their project will positively impact the local economy by increasing building occupancy, creating jobs, or contributing to the revitalization of the area. A key requirement is that applicants must contribute 25% of the grant amount they are seeking. The fund can receive money from various sources, including state appropriations, federal grants, and private donations.