An Act relative to the housing development incentive program

This bill increases the annual credit cap for Massachusetts' housing development incentive program to $100 million (including carry-forwards from prior years) and sets a $5 million limit per project. It requires that qualifying housing development projects - located in gateway municipalities - must contain at least 75% market-rate units after rehabilitation (down from 80%). The bill also mandates that tax exemption agreements for such projects in approved zones be approved within 90 days. These changes directly affect developers of multi-unit housing projects and state agencies managing the program, with concrete policy shifts in credit allocation, project requirements, and approval timelines.