Massachusetts H3056 enables local governments to impose a real estate transfer fee to fund affordable housing.

Massachusetts H3056 allows cities, towns, and regional affordable housing commissions to establish a real estate transfer fee. The fee applies to the transfer of real property interests and is intended to fund affordable housing initiatives. The fee can range from 0.5% to 2% of the purchase price, with exemptions for certain transfers. The revenue collected is to be deposited into municipal or regional affordable housing trust funds. The bill also mandates annual reporting on the use of these funds and includes provisions for the forfeiture of unutilized funds.

Massachusetts H3056 enables local governments to impose a real estate transfer fee to fund affordable housing.

Massachusetts H3056 allows cities, towns, and regional affordable housing commissions to establish a real estate transfer fee. The fee applies to the transfer of real property interests and is intended to fund affordable housing initiatives. The fee can range from 0.5% to 2% of the purchase price, with exemptions for certain transfers. The revenue collected is to be deposited into municipal or regional affordable housing trust funds. The bill also mandates annual reporting on the use of these funds and includes provisions for the forfeiture of unutilized funds.