HD 1735 imposes a tax on large real estate investment firms (defined as entities managing $10 million or more in assets) that own more residential properties (1-4 units) than allowed under phased ownership limits. The tax equals $10 million multiplied by the number of excess properties, calculated annually based on a declining percentage of their 2023 holdings over nine years. Revenue from this tax funds a down payment assistance program for first-time homebuyers purchasing residential properties, administered through the Housing Down Payment Trust Fund. The bill directly affects large investment firms managing significant residential portfolios, requiring them to reduce holdings or pay the tax, while excluding nonprofit organizations and affordable housing from its scope.
By Mr. Gomez, a petition (accompanied by bill, Senate, No. 765) of Adam Gomez for legislation to establish a Massachusetts foreclosure prevention program. Financial Services.
By Mr. Feeney, a petition (accompanied by bill, Senate, No. 232) of Paul R. Feeney for legislation to further fair housing in real estate. Consumer Protection and Professional Licensure.
HD 1342 restricts when governments can take private property through eminent domain. It prohibits takings for private development, commercial projects, or transferring property from one owner to another for "more profitable use," requiring that takings serve a true public purpose like roads or parks. The bill mandates courts - not government claims - to decide if a proposed use is genuinely public, and if property isn't used for its intended purpose within 5 years, the government must offer to resell it to the original owner at the original price or current fair market value (whichever is lower). This directly affects property owners and government agencies using eminent domain in Massachusetts.
By Mr. Tarr, a petition (accompanied by bill, Senate, No. 1474) of Bruce E. Tarr, David F. DeCoste, David F. DeCoste, Colleen M. Garry and other members of the General Court for legislation to allow moveable tiny houses as permanent residential dwellings and accessory dwelling units. Municipalities and Regional Government.
By Mr. Cyr, a petition (accompanied by bill, Senate, No. 1955) of Julian Cyr for legislation to establish the Martha’s Vineyard housing bank. Revenue.
This bill authorizes the Town of Nantucket to impose a 0.5% fee on the sale of real estate within Nantucket County. The fee is paid by the seller (not the buyer) and funds must be deposited into a dedicated Affordable Housing Trust Fund. The money will directly support affordable and workforce housing projects and related capital improvements. Exemptions include transfers to government entities, but the seller must prove exemption claims to avoid the fee.
HD 1419 modifies Massachusetts General Laws Chapter 40A, Section 3A, regarding MBTA communities (municipalities near transit hubs). It prohibits state grant programs from considering a community's compliance with Chapter 40A, Section 3A when awarding funds. The bill also delays the effective date of any new or revised compliance guidelines until December 31, 2028. These changes directly affect MBTA communities and state housing agencies administering grants. The bill takes effect immediately upon passage.
By Representative Finn of West Springfield, a petition (accompanied by bill, House, No. 1501) of Michael J. Finn for legislation to improve municipal equity within the emergency assistance shelter program. Housing.
By Representative Decker of Cambridge, a petition (accompanied by bill, House, No. 215) of Marjorie C. Decker for legislation to provide services to certain children experiencing homelessness. Children, Families and Persons with Disabilities.