Massachusetts Passes $1.8 Billion Housing Bond Bill

Governor Baker signed H.4536 into law on Thursday, May 31. The bill provides $1.8 billion in new spending over the next five years and extends the life of important state tax credit programs. Specifically, the bill provides for:

• • • An increase for the State Low Income Housing Tax Credit to $25 million per year and an extension through 2025;
    • A $5 million increase to the MA Historic Rehabilitation Tax Credit to $55 million per year;
    • Extends the Community Investment Tax Credit to 2025 and gradually expands the credit to $12 million
    • Extends the Brownfields Tax Credit for 5 years
    • 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 (targets individuals and families at 61% to 120% of Area Median Income
    • Public Housing Demonstration Program – $50 million: This demonstration program allows public housing authorities to use innovative public housing finance tools to leverage new funds and partners to rehabilitate public housing and reduce ongoing capital costs.
    • Provides $50 million to the Public Housing Demonstration Program. This demonstration program allows public housing authorities to use innovative public housing finance tools to leverage new funds and partners to rehabilitate public housing and reduce ongoing capital costs.