An Act granting a local option for a real estate transfer fee to fund affordable housing

This bill allows Massachusetts cities and towns to voluntarily implement a fee on real estate transfers to generate revenue specifically for affordable housing. Under the new provisions, settlement agents would collect this fee based on the sale price of a property and remit the funds to local or regional affordable housing commissions. The collected money must be used exclusively for adaptive reuse, production, or preservation of affordable housing projects that serve low- and moderate-income households. Local communities that choose to adopt this option would gain a dedicated funding source to support their specific housing needs without state mandates.