SECTION 1.  The executive office of housing and livable communities shall develop a savings program to assist rental tenants in the purchase of a home to be called tenant’s escrow accounts. The tenant’s escrow accounts shall allow for the voluntary contribution of a portion of a tenant’s rent to be contributed to the account. Said contribution may only be withdrawn by a tenant for use towards the down-payment on the purchase of a home.

SECTION 2 Funds contributed by landlords pursuant to section 1 shall be matched by the commonwealth.

SECTION 3. A landlord contributing to a tenant’s escrow account may deduct an amount equal to three times the amount of the contribution from the net amount of the annual taxable income payable by the landlord to the commonwealth.

SECTION 4. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Tenant’s Escrow Fund. Notwithstanding any general or special law to the contrary, contributions from landlords to tenant’s escrow accounts and matching contributions from the commonwealth shall be credited to the fund. The Fund shall not be subject to section 5C of chapter 29 of the General Laws.

SECTION 5. The executive office of housing and livable communities shall promulgate regulations in accordance with this act, shall provide for the option for contributions to be restricted by a landlord for the sole use of his tenant or, for a general contribution to be made available to tenants who meet certain eligibility requirements as determined by the executive office; provided that the secretary shall submit any proposed regulations to the joint committee on housing and the house and senate committees on ways and means at least 30 days before their adoption by the department.