On March 29th, the Massachusetts Senate unanimously passed a $1.8 billion Housing Bond Bill. S.2368. In addition to reauthorizing capital budget programs, the Senate bond bill also includes:

  • An increase for the State Low Income Housing Tax Credit to $25 million per year and an extension through 2025;
  • An increase for the MA Historic Rehabilitation Tax Credit to $55 million per year;
  • Extends the Community Investment Tax Credit to 2025 and increases the maximum allocation of credits each year;
  • Extends the Brownfields Tax Credit for 5 years and increases the credit from 25% to 50% of net response and removal costs if at least 20% of residential units on the land are for households earning up to 120% of the area median income;
  • Extends the Housing Development Incentive Program at $10 million per year through 2024; and
  • Provides a $100 million authorization for MassHousing’s Workforce Housing Initiative.

The bill must now be reconciled with the Housing Bond Bill passed by the House of Representatives in January (see earlier story below).

The Citizens’ Housing and Planning Association has more information.

January 31,2018 — On January 24th, H.4134 was passed by a vote of 150-1 in the Massachusetts State House of Representatives. The bill represents a $1.7 billion investment in housing for low- and moderate-income housing in the state.

The bill, if enacted, would extend the Massachusetts State Low Income Housing Tax Credit, the Community Investment Tax Credit, the Housing Development Incentive Program and the Brownfields Tax Credit.  The bill would also expand allocation for the Community Investment Tax Credit to $12 million.

The bill has now been referred to committee on Senate Bonding, Capital Expenditures and State Assets in the Massachusetts Senate.

The Citizens’ Housing and Planning Association has more information.