Massachusetts legislators have recently unveiled a revised $6.2 billion housing bond bill, which exceeds Governor Maura Healey’s initial proposal by $2 billion. This state initiative aims to stimulate housing development without implementing a proposed real estate transfer fee.
The bill includes significant measures such as zoning changes for accessory dwelling units, potentially resulting in the creation of 8,000 new units. Additionally, it allocates $1 billion towards expanding the Massachusetts Water Resource Authority to support an estimated 6,000 homes. The legislation also designates funds for commercial-to-residential conversions and public housing repairs at amounts of $150 million and $2 billion respectively.
According to GBREB (Greater Boston Real Estate Board) CEO Greg Vasil’s statement: “We are delighted that the House version of the Bond Bill incorporates provisions like ADUs (Accessory Dwelling Units) while eliminating harmful and ineffective policies such as transfer taxes.” Vasil further emphasizes that Massachusetts should prioritize producing hundreds of thousands of homes necessary to meet demand while maintaining its appeal to current and potential businesses.
This article was originally published on Connect CRE.
