Amendment ID: S2842-24-R1

Redraft Amendment 24

Gateway Cities Market Rate Housing Pilot Program

Messrs. Crighton and Welch move that the proposed new text be amended in section 2A by inserting after item 7004-0065 the following item:-

“7004-0066 For a gateway city housing pilot program to support the construction of shovel-ready, market-rate housing opportunities in gateway municipalities, as defined in section 3A of chapter 23A of the General Laws, by providing funding in an amount not greater than 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 awarded to: (i) communities that have satisfied the 10 per cent affordable housing stock requirements under chapter 40B of the General Laws; (ii) non-profit developers; (iii) new construction or market rate apartment rentals or homeownership; (iv) projects that are ready to commence construction within 6 months of approval; and (v) projects that are located in a zoning area that permits high density housing such as a transformative development initiative district, waterfront or a zoning overlay district such as those permitted under chapter 40R of the General Laws; and 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".