Healey-Driscoll Administration Unveils Historic Housing Plan
(October 30, 2023) Last week, the Healy-Driscoll administration introduced an historic $4 billion housing bond bank bill. In addition to investments in public housing infrastructure, the bill includes the backing of a real-estate transfer fee, which has been sought after for years. If passed, this bill will provide much needed funding for affordable housing efforts on Nantucket. Coupled with ongoing efforts, this legislation would be another part of the solution as we work collaboratively to meet Nantucket’s housing needs.
The Affordable Homes Act represents the largest proposed investment in housing in the state’s history. Part of this bill allows municipalities to adopt a transfer fee between 0.5%- 2.0 % of the sale price of specific real-estate transactions, paid by the seller. On Nantucket, the fee will be allocated locally to address the housing needs of low- and moderate-income year-round residents of the island.
Housing Investment Fosters Community
“I’ve seen firsthand how new housing can transform communities and help them flourish. But we only get those benefits when people can actually afford to live in these homes,” said Lieutenant Governor Driscoll. “The Affordable Homes Act is full of new tools for municipalities to help them implement the solutions that work best for the unique needs of their communities so that they can build consensus and build new homes.”
For more details, see the fact sheet attached to the complex bill. CHAPA (Citizens Housing and Planning Association) has provided additional materials on the bill, including a summary on the spending proposals, policy initiatives, and executive orders.
Community support will help move this bill forward. An October 30th editorial in the Boston Globe in favor of the local option fee called attention to the years of advocacy that has brought us to this place. Island residents, business owners, realtors, housing advocates, and any combination of the above are encouraged to write letters to regional news sources and state legislators. Join the movement by adding your name to the endorsement of the legislation, as administered by the LOHA (Local Option for Housing Affordability) Coalition.
