Amendment #7 to H4879

Gateway Cities Market Rate Housing Pilot Program

Representatives Honan of Boston and Vargas of Haverhill move to amend the bill in section 2a by inserting after 7004-0065 the following item:

xxxx-xxxx For a Gateway City housing pilot program to support the construction of shovel-ready market-rate housing opportunities in Gateway Cities by providing funding in an amount up 150 per cent of the maximum Housing Development Incentive Program tax credit under chapter 40V of the General Laws; provided that awards to projects shall be based on the following criteria: (1) communities that have satisfied the 10 per cent affordable housing stock requirements under chapter 40B of the General Laws; (2) non-profit developers; (3) new construction or market rate apartment rentals or homeownership; (4) projects are ready to commence construction within 6 months of approval; and (5) projects are located in a zoning area that permits high density housing such as a TDI district, waterfront, or zoning overlay district such as those permitted under chapter 40R of the General Laws; provided further, that a developer’s fee under the program would be deferred by 33 per cent with positive net cash flow from the development to be split with the commonwealth on an equal basis after payment of any first mortgage permanent financing……………………………………………..…..$5,000,000

Additional co-sponsor(s) added to Amendment #7 to H4879

Gateway Cities Market Rate Housing Pilot Program