Amendment ID: S2901-3

Amendment 3

Housing Stability Trust Fund for Vulnerable Populations

Ms. Edwards, Ms. Miranda and Mr. Collins move that the proposed new draft be amended by adding the following in line XX after section 1:-

"SECTION XX

a. In order to create a housing stability fund for vulnerable populations a city or town may impose a fee of up to 2 percent of the purchase price upon the transfer of any real property interest in any real property or the transfer of a controlling interest in a trust, limited liability company, or other entity that directly or indirectly holds an interest in any real property situated in the city or town. The fee shall be payable by the seller. In the case of a transfer of a controlling interest, the city or town may define by ordinance what constitutes a controlling interest and the calculation of the fee.

b. Exempted Value. No more than $2,000,000 of the purchase price of any transfer of any real property interest, or the transfer of a controlling interest in a trust, limited liability company, or other entity that directly or indirectly holds an interest in any real property shall be exempted from the transfer fee.

c. Fees established pursuant to this act shall be used to create a specific housing stability trust fund for the city or town to support veterans, seniors, individuals with substance use disorder, low-income residents and individuals displaced by fire, natural disasters, climate change, and pyrrhotite. Fees established may also be used for homeownership, tax rebates, and renter stability.

d. The following transfers of real property interests shall be exempt from the fee established by this act:

(1) transfers between family members, as may be defined by local ordinance; (2) transfers of convenience, as may be defined by local ordinance; (3) transfers in foreclosure; (4) transfers to first time home owners; or (5) transfers to the government of the United States or any other instrumentality, agency or subdivision thereof, or the commonwealth or any instrumentality or subdivision thereof

A copy of the deed or other instrument evidencing each transfer subject to the transfer fee shall be provided to the city and shall be accompanied by, (a) an affidavit signed under oath or under the pains and penalties of perjury by the purchaser and seller attesting to the purchase price, (b) the applicable fee owed, and (c) the basis, if any, upon which the transfer, or one or both of the parties to the transfer, is claimed to be exempt in whole or in part from said fee or fees. Upon receipt of such payment and/or satisfactory evidence of exemption, the city or its designee shall promptly thereafter issue a certificate indicating that the fee has been paid or that the purchaser or seller, or the transfer, is exempt from the fee. The Suffolk County register of deeds shall not record or register a deed unless the deed is accompanied by such certificate."