An Act relative to creating a statutory housing restriction and providing remedies related to statutory housing

H1130, S694: An Act relative to creating a statutory housing restriction and providing remedies related to statutory housing (filed in the Senate as S694 by Senator Eldridge)

This bill addresses difficulties faced by municipalities in crafting durable affordable housing restrictions that assure properties will remain affordable for persons of modest means through successive transactions and as the value of real estate goes up. It creates an “estate in land” (to be known as the Statutory Housing Covenant) that limits the property to a certain value (the affordable value) for use as owner-occupied affordable housing. While not mandatory, this bill equips municipalities with a new tool to help in their efforts to expand and maintain affordable housing stock.

Bill Text