An Act relative to incentivizing multi-family housing through redevelopment

This bill creates a new program to encourage the renovation of existing multi-unit buildings in rural areas of Massachusetts. To qualify for the program, a property must be substantially rehabilitated to include at least 80% market-rate residential units and located in a rural area designated by the Department of Housing and Community Development. The department will review project proposals and certify those that align with local plans and demonstrate a reasonable chance of increasing housing supply and supporting neighborhood stability. Once certified, projects become eligible for tax credits based on qualified expenditures related to the rehabilitation, such as site assessment and hazardous material remediation, but the purchase of the property itself is excluded.