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| 2 | 2 | | HOUSE DOCKET, NO. 1433 FILED ON: 1/14/2025 |
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| 3 | 3 | | HOUSE . . . . . . . . . . . . . . . No. 1489 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | David F. DeCoste |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act creating the tenant’s escrow accounts. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :DATE ADDED:David F. DeCoste5th Plymouth1/14/2025 1 of 2 |
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| 16 | 16 | | HOUSE DOCKET, NO. 1433 FILED ON: 1/14/2025 |
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| 17 | 17 | | HOUSE . . . . . . . . . . . . . . . No. 1489 |
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| 18 | 18 | | By Representative DeCoste of Norwell, a petition (accompanied by bill, House, No. 1489) of |
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| 19 | 19 | | David F. DeCoste for legislation to establish a savings program to assist rental tenants in the |
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| 20 | 20 | | purchase of a home. Housing. |
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| 21 | 21 | | The Commonwealth of Massachusetts |
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| 22 | 22 | | _______________ |
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| 23 | 23 | | In the One Hundred and Ninety-Fourth General Court |
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| 24 | 24 | | (2025-2026) |
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| 25 | 25 | | _______________ |
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| 26 | 26 | | An Act creating the tenant’s escrow accounts. |
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| 27 | 27 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 28 | 28 | | of the same, as follows: |
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| 29 | 29 | | 1 SECTION 1. The executive office of housing and livable communities shall develop a |
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| 30 | 30 | | 2savings program to assist rental tenants in the purchase of a home to be called tenant’s escrow |
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| 31 | 31 | | 3accounts. The tenant’s escrow accounts shall allow for the voluntary contribution of a portion of |
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| 32 | 32 | | 4a tenant’s rent to be contributed to the account. Said contribution may only be withdrawn by a |
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| 33 | 33 | | 5tenant for use towards the down-payment on the purchase of a home. |
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| 34 | 34 | | 6 SECTION 2 Funds contributed by landlords pursuant to section 1 shall be matched by the |
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| 35 | 35 | | 7commonwealth. |
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| 36 | 36 | | 8 SECTION 3. A landlord contributing to a tenant’s escrow account may deduct an amount |
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| 37 | 37 | | 9equal to three times the amount of the contribution from the net amount of the annual taxable |
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| 38 | 38 | | 10income payable by the landlord to the commonwealth. |
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| 39 | 39 | | 11 SECTION 4. There shall be established and set up on the books of the commonwealth a |
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| 40 | 40 | | 12separate fund to be known as the Tenant’s Escrow Fund. Notwithstanding any general or special 2 of 2 |
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| 41 | 41 | | 13law to the contrary, contributions from landlords to tenant’s escrow accounts and matching |
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| 42 | 42 | | 14contributions from the commonwealth shall be credited to the fund. The Fund shall not be |
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| 43 | 43 | | 15subject to section 5C of chapter 29 of the General Laws. |
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| 44 | 44 | | 16 SECTION 5. The executive office of housing and livable communities shall promulgate |
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| 45 | 45 | | 17regulations in accordance with this act, shall provide for the option for contributions to be |
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| 46 | 46 | | 18restricted by a landlord for the sole use of his tenant or, for a general contribution to be made |
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| 47 | 47 | | 19available to tenants who meet certain eligibility requirements as determined by the executive |
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| 48 | 48 | | 20office; provided that the secretary shall submit any proposed regulations to the joint committee |
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| 49 | 49 | | 21on housing and the house and senate committees on ways and means at least 30 days before their |
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| 50 | 50 | | 22adoption by the department. |
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