BOSTON-A housing bond bill that would provide $509 million to develop and preserve affordable housing in the state over the next five years is being held up because some legislators here want to ensure that changes to the state’s Chapter 40B bill go through. 40B requires towns and cities in the state to have 10% affordable-housing density or watch developers with affordable housing projects bypass local zoning laws.

Both the House and the Senate reached an agreement on the housing bond bill but, according to Charles Rasmussen, spokesperson for House Speaker Thomas M. Finneran, “before the House has final approval, people here want resolution on Chapter 40B.” Elizabeth Dillen, chief of staff for Representative Michael Cahill, chairman of the committee on housing and urban development, also tells GlobeSt.com that the reason the bond bill was held up was because the legislature wanted the Chapter 40B bill to be resolved.

While Rasmussen acknowledges that the two bills are not a package deal, he points out that some of the money in the bond bill will be used in 40B projects. “The 40B law creates parameters for affordable housing,” he says. “The bond bill money will go to affordable housing.” Because 40B is about affordable housing, he adds, and the bond bill is also, many members of the legislature see them as tied together.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.