MA H3930

Somerville may impose up to 2% fee on real property transfers, split equally between buyer and seller (1% each), including transfers of controlling interests in entities holding real property

Exempt transfers include family member transfers, convenience transfers, government transfers, and sales by vulnerable seniors or those qualifying for residential exemptions for the prior two years

Purchasers may obtain provisional exemption by filing intent to seek residential exemption, which becomes permanent if they qualify for the exemption in the first two eligible years; exemptions do not apply to properties with 4+ dwelling units

All fee revenue must be deposited into the Somerville Affordable Housing Trust Fund to support programs including limited equity arrangements, community land trusts, and purpose-built housing, with preference for Somerville residents and employees

City must issue annual reports detailing fee receipts by payer category, affordable housing programs funded, and program impact including demographics served and measures of housing stability