MA H3094

Creates a Rural Housing Development Incentive Program (Chapter 40Z) offering tax credits of up to 25% of qualified project expenditures for certified multi-family housing rehabilitation projects in designated rural areas

Eligible projects must contain at least 2 residential units, be located in a department-designated rural area, and maintain at least 80% market-rate units upon completion

Department of Housing and Community Development must approve project certifications within 90 days or projects are automatically approved for 20 years; certifications can last 5-20 years

Tax credits are transferable in whole or in part, can be carried forward for up to 10 years if they exceed annual tax liability, and unused credits cannot roll over to subsequent calendar years

Annual cap of $10,000,000 on total credits authorized by the department, with mandatory annual reporting to legislative committees on certified projects and expenditures