SECTION 1. Notwithstanding any general or special law to the contrary, there shall be a special commission to study and recommend reforms to the Low-Income Housing Tax Credit (LIHTC) program to enhance its transparency, efficiency, and impact on affordable housing in the Commonwealth.
SECTION 2. The commission shall investigate and document: (a) The administration and allocation of LIHTC resources at the state level; (b) Strategies to streamline project requirements, reduce unnecessary costs, and incentivize long-term affordability; (c) The feasibility of implementing supplementary state-level tax credits, expedited permitting, and incentives for mixed-use and environmentally sustainable development; (d) Best practices to prioritize the preservation of existing affordable housing and align resources with local housing needs; and (e) Enhanced oversight mechanisms to ensure the transparent and equitable allocation of credits.
SECTION 3. The commission shall consist of the Secretary of Housing and Livable Communities, or a designee, who shall serve as chair; 1 member of the House of Representatives appointed by the Speaker of the House; 1 member of the Senate appointed by the Senate President; 1 member of the House of Representatives appointed by the Minority Leader of the House; 1 member of the Senate appointed by the Minority Leader of the Senate; 2 members appointed by the Governor, 1 with expertise in affordable housing development and 1 with expertise in tax policy; 1 representative of a nonprofit housing advocacy organization, appointed by the Governor; and 1 representative of a regional planning agency, appointed by the Governor.
SECTION 4. The commission shall hold no fewer than 3 public hearings to gather input from stakeholders, including developers, housing advocates, municipal officials, and community members.
SECTION 5. The commission shall file its report, including findings and recommendations, with the clerks of the House of Representatives and Senate, the Joint Committee on Housing, and the Joint Committee on Revenue not later than 12 months after the effective date of this act.
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