MA H3121

Imposes a $10,000,000 excise tax per property on hedge funds and investment entities with $10 million+ in assets that own more than the maximum allowable number of residential properties (1-4 units) in Massachusetts

Requires large investors to divest 10% of their residential property holdings annually over 9 years, ultimately reducing to zero properties; smaller applicable taxpayers may retain up to 50 properties

Establishes the Housing Down Payment Trust Fund to receive excise tax revenues and provide grants for down payment assistance to first-time homebuyers

Exempts 501(c)(3) nonprofits, organizations primarily engaged in home construction/rehabilitation, affordable housing, foreclosed/unoccupied properties, and owner-occupied residences

Requires annual reporting to the legislature on investor property ownership, sales, and trust fund grant distributions; Executive Office of Housing and Livable Communities must publish compliance forms within 180 days