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Committee updates members on H.775, a rural finance bill with five housing incentives
Summary
The Committee on General & Housing reviewed H.775, which bundles five tools to encourage small-town housing: a 10-year tax-stabilization pilot for up to 300 units, a revenue-bond option for assessment districts, use of the treasurer's local-investment authority for soft loans, a Huntington Homes prefabrication pilot, and DHCD rehab-advance authority.
The Committee on General & Housing met to discuss H.775, the rural finance bill designed to help developers build modest housing projects in small towns.
Mark, who opened the meeting, described H.775 as five related measures meant to lower costs and risks for small projects outside major population centers. He said the package includes a tax-stabilization pilot, changes to special-assessment financing, use of the treasurer's local-investment authority for low-interest loans, a prefabrication pilot involving Huntington Homes, and authority for the Department of Housing and Community Development (DHCD) to advance rehab funds to smaller landlords.
On the tax-stabilization pilot, the committee discussed a program targeted at up to 300 units in small towns (the transcript describes the towns as "5,000 or [sic]") and cited a maximum project size mentioned in the discussion…
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