Massachusetts Governor Deval Patrick signed into law a recently enacted statute dubbed the “expiring use” bill. This new law will have the effect of preserving as affordable, thousands of units of housing in Massachusetts intended to be used by low-income residents. The Patrick Administration went further by creating a $150 million preservation loan fund which pools public and private funds to help secure rental developments that are about to lose their expiring use restrictions. The new law appears to provide a framework, and a procedure that can help sellers receive a market rate value for their publicly subsidized affordable housing, which was clearly a stumbling block to prior affordable housing preservation efforts.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.
Zoning, Planning & Land Use Updates, Residential Real Estate Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Warren Kirshenbaum, Transactional Law Group, P.C. | Attorney Advertising