Photo courtesy of Alexius Horatius
BARNSTABLE – The State Senate approved a $590 million dollar tax relief bill which will see close to $100 million used for affordable housing developments.
Cape and Islands State Senator Julian Cyr recently spoke about the direction the region can now take to help make more affordable home options for the community.
“The Senate feels strongly that Massachusetts is losing its competitive edge because people can not afford to live here. The Senate doubled low income tax credits and made a tax credit program to help market rate housing in gateway cities. We also adopted a good landlord property tax provision,” said Cyr.
The bill will also increase the statewide cap for the Housing Development Incentive Program from $10 million to $57 million on a one-time basis, then changing to $30 million annually.
Cyr was able to collaborate with Senator Lydia Edwards to advance a policy allowing municipalities to opt-in to a property tax exemption for landlords renting year-round units.
“Our communities need to provide some level of subsidies for not only people who qualify for affordable housing, but for people who are year-round Cape Codders who make 150, 180, or 200% comparative income,” Cyr said.
Cape Cod, Martha’s Vineyard, and Nantucket have seasonal economies, a large second-home owner market, and limited year-round housing options currently.
About Zachary Clapp
