$5.16B housing bond bill adds resources for new units, makes sweeping policy changes to simplify and incentivize development
(BOSTON—8/5/2024) The Massachusetts Legislature has passed the Affordable Homes Act, the largest housing investment in Massachusetts history and a powerful first step in tackling the state’s housing affordability crisis.
The legislation authorizes $5.16 billion in bond authorizations and tax credits to spur housing production in Massachusetts, while implementing sweeping policy initiatives to facilitate the development of affordable housing and preserve public housing in Massachusetts.
“The Affordable Homes Act continues the work of the Legislature to address one of the most pressing needs in the Commonwealth: availability of and accessibility to affordable housing,” said Senator Cindy F. Friedman (D-Arlington), Vice Chair of the Senate Committee on Ways and Means. “This legislation, which features billions in investments from bond authorizations coupled with necessary policy updates, will help to rejuvenate the housing stock across our state. I hear far too often that the lack of affordable housing is hurting our state immeasurably on different levels. We need affordable housing to be in reach to allow our young residents to stay and build their lives in Massachusetts, to prevent our senior citizens and longtime residents from having no way to afford downsizing a house, and to ensure our public safety workers and health care professionals all have access to housing in the areas where they work. This bill will drive the creation and renovation of private and public housing and help remove barriers to stable housing for families across Massachusetts.… Read more.