At ACB Realty, Inc., we believe that everyone deserves a place to call home. That's why we're excited to share some groundbreaking news about Housing Shortage that could significantly impact Massachusetts' housing landscape.
The Affordable Homes Act: A Game-Changer for Housing in Massachusetts
The Massachusetts House of Representatives and Senate have passed the Affordable Homes Act, a historic piece of legislation aimed at addressing the state's housing challenges. This act is set to provide $5.1 billion in capital funding and introduce a range of housing policies to support the creation and preservation of tens of thousands of homes.
Key Highlights of the Affordable Homes Act:
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Significant Funding Increases:
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$2.2 billion for state public housing
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$800 million for the Affordable Housing Trust Fund (doubled)
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$425 million for the Housing Stabilization Fund (nearly tripled)
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New Investments:
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$100 million for the CommonWealth Builder Program
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$275 million for Green Housing
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$175 million for Housing Choice Infrastructure
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Tax Credit Programs:
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New $10 million annual Homeownership Production Tax Credit
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Increased Community Investment Tax Credit to $15 million
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Doubled Historic Rehabilitation Tax Credit to $110 million annually through 2030
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Policy Initiatives:
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Creation of an Office of Fair Housing and Fair Housing Trust Fund
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Mandated establishment of a statewide housing plan
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Allowing Accessory Dwelling Units (ADUs) by right in single-family zoned districts
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Establishing commissions on Extremely Low Income Housing, Senior Housing, and Accessible Housing
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Why This Matters
As a real estate company committed to helping people find their perfect homes, we at ACB Realty understand the challenges many face in today's housing market. The Affordable Homes Act is a significant step towards creating more housing opportunities across all income levels.
This legislation aims to add 200,000 homes that people, communities, and our economy need to thrive. It not only addresses the quantity of housing but also focuses on diversity, sustainability, and accessibility.
Our Stance
At ACB Realty, Inc., we firmly believe that this Act is a positive move to address the housing shortage in Massachusetts. We're excited about the potential for:
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Increased affordable housing options for our clients
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More opportunities for first-time homebuyers
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Sustainable and green housing initiatives
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Improved housing accessibility for seniors and persons with disabilities
We look forward to seeing the positive impact of this legislation on our communities and stand ready to help our clients navigate the new opportunities it may bring.
Stay tuned for more updates on how the Affordable Homes Act might affect the real estate market in Massachusetts. As always, ACB Realty is here to guide you through your home buying or selling journey.