Massachusetts House Bill H4151

Massachusetts 2023-2024 Regular Session

• Introduced: 4/10/23
• Refer: 4/10/23
• Refer: 10/23/23

Caption

Authorizing the town of Nantucket to impose a real estate transfer fee for affordable and workforce housing

Impact

Should H4151 be enacted, it would serve as a significant tool for increasing funds allocated to affordable housing developments in Nantucket. The revenue generated from this real estate transfer fee is intended to address the local housing crisis, targeting low to moderate-income families by facilitating the creation and retention of affordable housing units. The legislation could alter the financial landscape of property transactions in Nantucket by making home purchases slightly more expensive, thereby prompting discussions around housing affordability and access within the community.

Summary

House Bill H4151 aims to authorize the town of Nantucket to impose a real estate transfer fee specifically directed towards supporting affordable and workforce housing initiatives. The bill establishes a fee of one half percent (1/2%) of the purchase price upon the transfer of any real property located within Nantucket County. This fee is to be the seller's liability, and the revenues collected will be deposited into the Affordable Housing Trust Fund, thereby providing a financial mechanism to enhance housing accessibility in the region.

Contention

Despite its intentions, the bill may encounter opposition from some real estate stakeholders and residents who might perceive the imposition of an additional fee as a burden. Critics may argue that such a fee could deter potential buyers, ultimately impacting the local real estate market. Additionally, questions regarding the adequacy of the management of the collected fees and the tangible impact on housing availability and affordability will likely arise during legislative discussions.