By Beth David, Editor
As the Fairhaven Planning Board gets ready to hold a public hearing this week about the proposed 40R overlay district that would allow for denser housing and commercial units in some areas of town, Gov. Maura Healey has signed The Affordable Homes Act, supporting initiatives to increase home building and help homebuyers.
The bill will support the production, preservation and rehabilitation of more than 65,000 homes statewide over the next five years. It is the largest housing bond bill ever filed in Massachusetts, at more than triple the spending authorizations of the last housing bill passed in 2018.
According to a press release, the historic legislation authorizes $5.16 billion in spending over the next five years along with 49 policy initiatives to counter rising housing costs caused by high demand and limited supply. Key spending authorizations and policy changes include allowing accessory dwelling units, an unprecedented investment in modernizing the state’s public housing system, boosts to programs that support first-time homebuyers and homeownership, incentives to build more housing for low to moderate-income residents, support for the conversion of vacant commercial space to housing and support for sustainable and green housing initiatives.
The new law allows accessory dwelling units (ADUs) under 900 square feet by right on single-family lots. The units can be attached or detached from a single family home in a basement, attic, a cottage in the back yard, or a bump-out addition to a home. By-right means that the ADUs can be added without the need for a special permit or variance. They are still subject to local building codes.
The administration estimates between 8,000 and 10,000 ADUs will be built across the state over the next five years.
The Act authorizes $2 billion for repair, rehabilitation and modernization of the state’s public housing portfolio. Massachusetts has the largest public housing portfolio in the U.S. with more than 43,000 units, but it has been underfunded for decades.
The bill povides assistance for first time homebuyers, including down payment assistance, mortgage insurance, and other programs.
The act also provides funds to specific housing authorities and nonprofits across the state to create housing or opportunities for first-time home buyers.
The bill also creates additional opportunities to develop vacant or underutilized commercial space into housing through the creation of the Commercial Property Conversion program and the Commercial Property Conversion Tax Credit.
Other programs receiving dramatic increases in authorizations include $800 million for the Affordable Housing Trust Fund, which doubles the previous authorization, an increase in the Housing Stabilization and Investment Fund to $425 million and $275 million for sustainable and green housing initiatives, which is more than four times the previous authorization. The Historic Rehabilitation Tax Credit – a key component for repurposing historic properties for housing – is doubled to $110 million with this law.
See the full press release at https://tinyurl.com/mux7pmzu
The Fairhaven Planning Board is meeting at Town Hall, 40 Center Street, Fairhaven, on Wednesday, 8/7, at 6 p.m. and will hold a public hearing on the proposed 40R bylaw at 6:30. The meeting is after our press time for this week’s issue.
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Click here for this week’s issue: 08-08-24 NationalNightOut
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