Massachusetts House Bill H4710

Massachusetts 2023-2024 Regular Session

• Introduced: 5/23/24
• Refer: 5/23/24
• Refer: 5/30/24
• Refer: 7/10/24

Caption

Relating to improvements to residential properties

Impact

The legislation is expected to have a significant impact on state laws regarding property improvements and financing structures. It establishes specific guidelines for municipalities, enabling them to offer financing programs while ensuring protections for property owners, such as the requirement for written disclosures and the ability to cancel financing agreements within a set timeframe. Additionally, the bill defines the roles of program administrators and requires that financing agreements be reviewed and managed effectively to prevent negative outcomes for homeowners.

Summary

House Bill H4710 pertains to improvements on residential properties in Massachusetts by establishing a framework for the financing of qualifying improvements through betterment assessments. This bill allows municipalities to implement programs that help homeowners finance improvements such as energy-efficient upgrades, flood mitigation measures, and other significant enhancements to their residential properties. The focus is on creating a streamlined process that ensures property owners can finance necessary renovations while providing that these financing arrangements are beneficial and transparent.

Contention

Some points of contention include the potential burden that betterment assessments may place on homeowners, particularly regarding their enforceability as a lien on the property. There is also the concern that the bill may not provide adequate protections against predatory lending practices or financial strains on low-income homeowners. Critics may challenge whether the relinquishing of control to program administrators could lead to variations in enforcement and the accessibility of financing across different municipalities.