Amendment #57 to H4461

Preservation of 13A Low-Income Housing

Mr. Honan of Boston moves to amend the bill by adding the following sections:

SECTION XXXX. Paragraph (1) of subsection (b) of section 6I of chapter 62 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by striking out, in line 57, the figure “20,000,000” and inserting thereof the following figure:- 22,000,000.

SECTION XXXX. Said subsection (b) of said section 6I of said chapter 62, as so appearing, is hereby further amended by adding the following paragraph:-

(4) For use in preserving projects for which the affordability restriction of a mortgage financed pursuant to section 13A of chapter 708 of the acts of 1966, as amended by section 10 of chapter 855 of the acts of 1970, is terminating, whether through expiration or prepayment, the department shall annually reserve the total sum of: (i) $2,000,000 of the cumulative amount that may be authorized by the department annually in paragraph (1) of this subsection; (ii) unused credits that were reserved pursuant to this paragraph, if any, for the preceding calendar years; and (iii) any Massachusetts low-income housing tax credits authorized pursuant to this paragraph and returned to the department by a qualified Massachusetts project.

SECTION XXXX. Paragraph (1) of subsection (b) of section 31H of chapter 63 of the General Laws, as so appearing, is hereby amended by striking out, in line 58, the figure “20,000,000” and inserting thereof the following figure:- 22,000,000.

SECTION XXXX. Subsection (b) of section 31H of chapter 63, as so appearing, is hereby amended by adding the following paragraph:-

(4) For use in preserving projects for which the affordability restriction of a mortgage financed pursuant to section 13A of chapter 708 of the acts of 1966, as amended by section 10 of chapter 855 of the acts of 1970, is terminating, whether through expiration or prepayment, the department shall annually reserve the total sum of: (i) $2,000,000 of the cumulative amount that may be authorized by the department annually in paragraph (1) of this subsection; (ii) unused credits that were reserved pursuant to this paragraph, if any, for the preceding calendar years; and (iii) any Massachusetts low-income housing tax credits authorized pursuant to this paragraph and returned to the department by a qualified Massachusetts project.

SECTION XXXX. Sections XXXX-XXXX shall take effect for the tax year beginning January 1, 2017.

SECTION XXXX.  Sections XXXX-XXXX shall expire on December 31, 2019.