In a last minute attempt to enact 40B reforms to the Housing Bond Bill currently being considered by the State Senate, Sen. Robert Hedlund has
proposed two 40B reform amendments TODAY!
We know it is short notice, but please cut and paste the following message and send it to your state senator. If you need help determining who to send it to,
please visit http://www.mass.gov/legis/city_town.htm to see a list of legislators by city/town.
Here is the message to cut, paste and send:
Dear Sen. ____________
I write to ask that you support the two 40B-related amendments being proposed by Sen. Hedlund during Thursday's debate on the proposed Housing Bond Bill. The amendments would both increase the amount of affordable housing being built, while also making sure that a developer's primary interest is in the creation of affordable housing, and not maximizing profits.
The first amendment would increase the minimum number of required affordable units in a 40B development from 20 percent to 33 percent for rental units, and 50 percent for owner-occupied units. For the 30 years following the adoption of Chapter 40B in 1969, affordable housing developments on average consisted of 79 percent affordable units. That number, in the past eight years, has dropped to less than 30 percent. This decrease is proof that Chapter 40B is no longer primarily a tool to create affordable housing, but rather a way for developers to maximize lot build-out at the expense of our local communities.
The second amendment would cap a developer's allowed profit margin at 10 percent. Currently, there is no limit to how much a developer can make on a project, although every dollar over 20 percent is supposed to be reverted back to the host community. A 10 percent profit cap would still allow developers to reap hundreds of thousands, if not millions of dollars, in pure profit from these projects. However, by essentially reducing the cap from 20 percent to 10 percent, it will help ensure that the primary focus of these projects is on the creation of affordable housing and not profit margins.
While these amendments will not fix all that is wrong with Chapter 40B and the Commonwealth's affordable housing strategy, they are steps towards striking a better balance between the need for affordable housing, and the need for it to be done responsibly and with respect toward the host community.
Again, I urge you to please support these amendments.
Sincerely,
I write to ask that you support the two 40B-related amendments being proposed by Sen. Hedlund during Thursday's debate on the proposed Housing Bond Bill. The amendments would both increase the amount of affordable housing being built, while also making sure that a developer's primary interest is in the creation of affordable housing, and not maximizing profits.
The first amendment would increase the minimum number of required affordable units in a 40B development from 20 percent to 33 percent for rental units, and 50 percent for owner-occupied units. For the 30 years following the adoption of Chapter 40B in 1969, affordable housing developments on average consisted of 79 percent affordable units. That number, in the past eight years, has dropped to less than 30 percent. This decrease is proof that Chapter 40B is no longer primarily a tool to create affordable housing, but rather a way for developers to maximize lot build-out at the expense of our local communities.
The second amendment would cap a developer's allowed profit margin at 10 percent. Currently, there is no limit to how much a developer can make on a project, although every dollar over 20 percent is supposed to be reverted back to the host community. A 10 percent profit cap would still allow developers to reap hundreds of thousands, if not millions of dollars, in pure profit from these projects. However, by essentially reducing the cap from 20 percent to 10 percent, it will help ensure that the primary focus of these projects is on the creation of affordable housing and not profit margins.
While these amendments will not fix all that is wrong with Chapter 40B and the Commonwealth's affordable housing strategy, they are steps towards striking a better balance between the need for affordable housing, and the need for it to be done responsibly and with respect toward the host community.
Again, I urge you to please support these amendments.
Sincerely,
