On Tuesday, Governor Maura Healey of Massachusetts signed the Affordable Homes Act into law. This legislation aims to increase the availability of affordable housing by supporting the production, preservation, and rehabilitation of over 65,000 homes in the state within five years. The bill includes a budget of $5.16 billion for this purpose and also introduces 49 policy initiatives to address rising housing costs caused by high demand and limited supply.
Some key provisions in this bill include allowing accessory dwelling units (ADUs), investing a record-breaking $2 billion towards modernizing public housing in the state, increasing support for first-time homebuyers and homeownership programs, providing incentives for building more low- to moderate-income housing options, promoting conversion of vacant commercial spaces into residential units,and encouraging sustainable and green initiatives.
According to Healey,”The Affordable Homes Act will create homes suitable for all types of households at every stageof life while revitalizing our neighborhoods.” This new law is expectedto unlock potential opportunitiesfor affordablehousinginMassachusettsand make it more accessiblefor residents across different income levels.
