So many of us have had to deal with skyrocketing rent, or bidding wars for homes.
New legislation is being touted as a $5 billion investment in tackling the Commonwealth’s housing issue. It’s called the Affordable Homes Act, and it’s the largest housing bill in Massachusetts history.
The hope is it will both increase housing production and improve the affordability of existing housing.
It includes $2 billion to accelerate the development of affordable units and mixed income multifamily housing.
There are also zoning reforms as part of the bill – like allowing so-called “accessory dwelling units,” or additions on single family homes – that the governor’s office says could create 10,000 new units.
And there are tax credits intended to “spur housing production.”
With Massachusetts continuing to be one of the most expensive states in the country to buy a home or rent an apartment, state lawmakers say this bill is crucial in improving the housing crisis here.
Beyond that, state officials predict Massachusetts will need to build upwards of 200-thousand new homes by 2030 to keep up with demand.
Gov. Maura Healey is scheduled to sign the bill into law at a ceremony in Newton at 10 a.m. Tuesday.
