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The Comprehensive Permit Act [1] is a Massachusetts law which allows developers of affordable housing to override certain aspects of municipal zoning bylaws and other requirements. It consists of Massachusetts General Laws (M.G.L.) Chapter 40B, Sections 20 through 23, along with associated regulations issued and administered by the ...
The MBTA Communities Act, signed into law by former Gov. Charlie Baker, requires 177 cities and towns to have at least one zoning district of "reasonable size" that allows multifamily housing by ...
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
Recent financing projects include tax-exempt bonds on behalf of affordable housing projects in Boston's Dorchester and Roxbury [11] neighborhoods, Somerville, [12] and Springfield; [13] the construction of a new 1,210-bed residence hall at University of Massachusetts Dartmouth; [14] the expansion of Valley Steel Stamp's manufacturing ...
The families either pay a monthly rent or may purchase the housing unit for an affordable price. [2] Site acquisition or improvement – In this type of activity, HOME funds purchase property that is later developed as affordable housing. This activity also covers the improvement and rehabilitation of current affordable housing. [2]
The state reintroduced the option of tax-increment financing for the funding of Community Revitalization and Investment Authorities (CRIAs) in 2015, the latter being authorities created by local governments to create or upgrade infrastructure and create or preserve affordable housing for low and moderate income households.
First, there is no tax cut on property sales under $525,000; the bill to make housing more affordable doesn’t give any break on the most affordable housing. For a home valued at $625,000, the ...
Permanent, federally funded housing came into being in the United States as a part of Franklin Roosevelt's New Deal. Title II, Section 202 of the National Industrial Recovery Act, passed June 16, 1933, directed the Public Works Administration (PWA) to develop a program for the "construction, reconstruction, alteration, or repair under public regulation or control of low-cost housing and slum ...