Carol Bulman here with the latest local real estate update. I'm excited to share some important updates on Governor Healy’s Massive Massachusetts Housing Bill, which has been making waves in our state legislature and has recently been passed by the State Senate.
The Affordable Home Bill is the largest housing investment of its kind in Massachusetts history and is designed to meaningfully impact the supply of housing in our state.
What does this mean for me?
Let’s look at the key points of this quite complicated bill.
First, the bill’s purpose: The primary aim is to address the twin challenges of low housing inventory and unaffordable options in the state.
And second, the key points to the legislation:
- A $5.4 billion borrowing authorization to boost housing production
- If all goes as planned, 40,000 new housing units will result
- The bill also includes several major policy changes specific to housing that will protect and improve conditions for homebuyers
The policy highlights include:
- Allowing for Accessory dwelling units (or ADU”s) by right in single-family zoning in some seasonal communities. These could include a converted garage, a separate guest house or a basement apartment
- Allowing tenants to seal previous eviction records in certain cases
- Allowing a simple majority to make zoning changes at the local level, and
- Prohibiting the practice of “waiving a home inspection” as part of an offer to purchase a home
As someone who's seen the challenges faced by homebuyers in this competitive market, this is a positive step towards protecting consumers.
There is a lot more detail to this legislation that can be found in it’s entirety here.
Looking Ahead
The next step for this bill is likely a conference committee to reconcile the House and Senate versions.
As always, we at Jack Conway are committed to keeping you informed about these changes and how they might affect your real estate decisions.
While this bill represents progress, it's clear that addressing our housing challenges will require ongoing effort and collaboration. We remain dedicated to working with our communities, supporting our clients, and adapting to these changes to ensure that ‘Conway Country’ continues to be a great place to call home.
Our team of experts across real estate, mortgage, and insurance services are ready to help you navigate these and the opportunities they will provide Thank you for your continued trust in Jack Conway. And we look forward to building stronger communities together in Conway Country!
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for more information or assistance.
Speak soon!
Carol Bulman
