An Act establishing the missing-middle starter home development and home ownership program

This bill creates a new financial program called the Starter Home Development Fund to help build and buy affordable starter homes for middle-income families in Massachusetts. The fund, managed by the Massachusetts Housing Finance Agency, provides subsidies to developers and buyers for homes intended for households earning between 80% and 120% of the area median income. Money for the program comes from state appropriations, private gifts, and investment earnings, and it must be audited annually. The law requires that at least one-third of the funds support homes with long-term affordability agreements lasting at least 99 years, while also prioritizing projects in communities of color and those that improve energy efficiency.