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.
Similar To
Establishing a real estate transfer fee upon the transfer of residential property in the Town of Falmouth for the purpose of funding affordable housing
Similar To
Authorizing the town of Nantucket to impose a real estate transfer fee for affordable and workforce housing and related capital improvements
Establishing a real estate transfer fee upon the transfer of residential property in the Town of Falmouth for the purpose of funding affordable housing
Authorizing the town of Nantucket to convey a certain parcel of land situated in the town of Nantucket held for park purposes to the Nantucket Conservation Foundation Inc. for open space, recreational, and conservation purposes
Authorizing the county of Nantucket to convey certain land situated in the town and county of Nantucket for purposes of conveyance to the town of Nantucket
Authorizing the county of Nantucket to convey School Street situated in the town and county of Nantucket for purposes of conveyance to the town of Nantucket
Authorizing the town of Nantucket to convey a certain parcel of land situated in the town of Nantucket held for park purposes to the Nantucket Conservation Foundation Inc. for open space, recreational, and conservation purposes
Authorizing the town of Nantucket to convey a certain parcel of land situated in the town of Nantucket held for park purposes to the Nantucket Conservation Foundation Inc. for open space, recreational, and conservation purposes
Authorizing the town of Nantucket to convey for roadway and any other purposes certain parcels of land within the roadway known as Ames Avenue, and shown as lots 35-38 (inclusive) in block 31 on land court plan no. 2408-m filed with the Nantucket registry district of the land court situated in the town of Nantucket held for conservation or recreational purposes to be conveyed for roadway and/or any purposes
Authorizing the town of Nantucket to convey certain land situated in the town of Nantucket held for open space, recreational or conservation purposes to the Nantucket Islands Land Bank for the purposes pursuant to its legislation