Massachusetts H5552 releases land use restrictions in Revere for affordable housing.

Massachusetts H5552 releases certain land use restrictions held by the commonwealth in the city of Revere. The bill mandates that the released land be designated as affordable housing, priced for households earning up to 80% of the area median income. The Division of Capital Asset Management and Maintenance will release specific use restrictions and a right of reverter. The consideration for the release is the full and fair market value of the restrictions, determined by an independent appraisal reviewed by the inspector general.

Massachusetts H5552 releases land use restrictions in Revere for affordable housing.

Massachusetts H5552 releases certain land use restrictions held by the commonwealth in the city of Revere. The bill mandates that the released land be designated as affordable housing, priced for households earning up to 80% of the area median income. The Division of Capital Asset Management and Maintenance will release specific use restrictions and a right of reverter. The consideration for the release is the full and fair market value of the restrictions, determined by an independent appraisal reviewed by the inspector general.