Bill > S741

This bill aims to require 40B cost certification. It amends Chapter 40B of the General Laws to define key terms, establish the Department of Housing and Community Development's responsibilities in administering and enforcing cost certification, and impose penalties for misrepresenting or misstating a development's profit. The bill requires developers to submit a certified cost and income statement for 40B developments, which will be audited by an independent accounting firm. Profits exceeding a reasonable return must be paid to the municipality for affordable housing or infrastructure needs. Developers who violate the law can face civil penalties and, in cases of intentional misconduct, may be permanently barred from obtaining future 40B permits.

Housing and Urban Affairs

https://malegislature.gov/Bills/190/S741