Budget Amendment ID: FY2026-S3-773

OTH 773

Housing Development Incentive Program

Mr. Cronin moved that the proposed new text be amended by inserting after section ___ the following section: -

“SECTION ___. Section 2. Section 6(q) of chapter 62, as so appearing, is hereby amended by adding the following subsection:-

(7) EOHLC may authorize up to $5,000,000 in credits to an individual project. 

Section 3. The definition of “housing development project”, as appearing in Title VII Chapter 40V Section 1, shall be amended as follows:

'Housing development project'', a multi-unit residential rehabilitation project that is located in a gateway municipality and once rehabilitated, shall contain at least 80 per cent market rate units unless an exemption is requested by the chief municipal executive where the project is located, and subsequently granted by EOHLC.

Section 5. Title VII Chapter 40V Section 3 Approval of application for tax exemption for housing development project under Sec. 59 of chapter 59 shall be amended as follows:

Under section 5M of chapter 59, the department shall approve within 90 days a municipality's tax exemption agreement for a housing development project located within an approved housing development zone."