On Wednesday, Governor Maura Healey signed into law a long-awaited bill that will provide a range of state tax cuts. Included in the new law is a provision that will increase the spending cap on the state’s Low Income Housing Tax Credit (LIHTC) Program by $20 million annually. This new funding will allow for an additional 10 to15 developments, resulting in between 600 to 900 new homes each year under the current capital budget. Additionally, the new law eliminates the sunset provision on LIHTC, making the program permanent.
Following the House and Senate passing the bill last week, CHAPA sent a letter that included dozens of other organizations to the Governor urging her to sign the legislation and to increase the LIHTC cap.
Thank you to the Legislature and Governor Healey for taking this important step to increase the production and availability of affordable homes in Massachusetts!