Amendment #85 to H4707

providing local resources for housing production

Mr. McKenna of Sutton moves to amend the bill by adding the following new section:-

SECTION X. Chapter 64D of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by inserting after Section 13 the following section:-

Section 14. (a) Notwithstanding any general or special law to the contrary, twenty-five percent of the revenue generated from the tax stamp on the sale of residential properties shall be allocated to the city or town in which the property is located and deposited into a special revenue fund established pursuant to section 53K of chapter 44.

(b) The revenue allocated under subsection (a) shall be distributed for (1) housing production, including, but not limited to, the development of affordable housing units, the renovation of existing housing stock, and the provision of grants or loans to developers, and (2) for discretionary spending by the city or town, to be used at the discretion of the city or town government for purposes consistent with local needs and priorities.

(c) Cities and towns shall submit an annual report to the Department of Revenue detailing the allocation and expenditure of the funds received under this section. The report shall include specific projects funded and the impact on local housing production and other municipal priorities

Additional co-sponsor(s) added to Amendment #85 to H4707

providing local resources for housing production