Massachusetts S2848 proposes a real estate transfer fee to fund affordable housing initiatives.

Massachusetts S2848 amends the Affordable Housing Act to allow cities, towns, and regional affordable housing commissions to impose a transfer fee on real estate transactions. The fee, ranging from 0.5% to 2% of the purchase price over a specified exemption threshold, aims to generate funds for affordable housing purposes. The bill outlines specific exemptions, including transfers below a certain value and those involving government entities. It mandates annual reporting on the fees collected and their use for affordable housing.

Massachusetts S2848 proposes a real estate transfer fee to fund affordable housing initiatives.

Massachusetts S2848 amends the Affordable Housing Act to allow cities, towns, and regional affordable housing commissions to impose a transfer fee on real estate transactions. The fee, ranging from 0.5% to 2% of the purchase price over a specified exemption threshold, aims to generate funds for affordable housing purposes. The bill outlines specific exemptions, including transfers below a certain value and those involving government entities. It mandates annual reporting on the fees collected and their use for affordable housing.