§ 5M — Exemption for market rate units contained in a certified housing development project

Massachusetts § 5M

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title IX: TAXATION
• Ch. 59: ASSESSMENT OF LOCAL TAXES

Text

[ Text of section effective until May 30, 2023. For text effective May 30, 2023, see below.]Section 5M. A gateway municipality, as defined in section 1 of chapter 40V, may, by vote of its legislative body, subject to the charter of the municipality, establish an exemption in an amount not less than 10 per cent and not more than 100 per cent of the incremental value of the market rate units contained in a certified housing development project within a housing development zone under chapter 40V, for a period of not less than 5 years and not more than 20 years. For the purposes of this section, "market rate residential unit'' shall mean a market rate residential unit as defined in section 1 of chapter 40V. Such exemption shall be approved by the department of housing and community development, as established in chapter 23B. The department shall promulgate applicable rules and regulations to carry out this section.Chapter 59: Section 5M. Exemption for market rate units contained in a certified housing development project[ Text of section as amended by 2023, 7, Secs. 212 and 213 effective May 30, 2023. See 2023, 7, Sec. 298. For text effective until May 30, 2023, see above.]Section 5M. A gateway municipality, as defined in section 1 of chapter 40V, may, by vote of its legislative body, subject to the charter of the municipality, establish an exemption in an amount not less than 10 per cent and not more than 100 per cent of the incremental value of the market rate units contained in a certified housing development project within a housing development zone under chapter 40V, for a period of not less than 5 years and not more than 20 years. For the purposes of this section, "market rate residential unit'' shall mean a market rate residential unit as defined in section 1 of chapter 40V. Such exemption shall be approved by the executive office of housing and livable communities, as established in chapter 23B. The executive office shall promulgate applicable rules and regulations to carry out this section.