Massachusetts H3039 amends the housing development incentive program by adjusting credit caps and project definitions.
Massachusetts H3039 amends the housing development incentive program by increasing the annual credit cap from $100 million to $100,000,000 and allowing up to $5,000,000 in credits per individual project. It redefines a "housing development project" as a multi-unit residential rehabilitation project in a gateway municipality that, once rehabilitated, contains at least 75 percent market rate units. The bill also modifies the tax exemption approval process for such projects.
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