In Yarmouth, Governor Healey Highlights Efforts to Lower Housing Costs on the Cape
For the first time in 20 years, Governor Healey increased the Septic System Tax Credit by 300%
YARMOUTH – Today, Governor Maura T. Healey visited the Yarmouth Gardens in Yarmouth as part of her Cutting Taxes, Saving You Money tour to raise awareness of the provisions of her tax cuts package that will help lower housing costs by providing relief to homeowners and renters and spurring more housing production. She also highlighted her $4 billion Affordable Homes Act that she introduced last week, which will unlock the creation, preservation and modernization of nearly 70,000 homes.
The Yarmouth Gardens is supported by several state initiatives, including the Low-Income Housing Tax Credit, which was increased in the tax cuts package, and the Affordable Housing Trust Fund, which the Governor proposed increasing in the Affordable Homes Act. Another provision of the tax cuts package that will impact Cape residents is the tripling of the maximum credit available for Septic System Tax Credit to ease the burden on homeowners to replace these tanks. Additionally, the Affordable Homes Act would give communities the local option of adopting a real estate transaction fee of 0.5 percent to 2 percent on the portion of a property sale over $1 million – or the county median home sale price. This policy has strong support among Cape communities.
“Our administration is making Massachusetts more affordable from the Cape to the Berkshires, and we’re proud to be in Yarmouth today to spread the word about the savings that we’re delivering,” said Governor Healey. “Both our tax cuts package and the Affordable Homes Act include crucial provisions that we know Cape residents have been asking for, including relief for homeowners with septic tanks and local option transfer fees to spur more housing production.”
“If we want to build more housing to lower costs across the state, then we need to give communities the tools they have been asking for to unlock that production,” said Lieutenant Governor Driscoll. “We’re proud that the Affordable Homes Act would empower communities to implement the solutions they need to address their housing challenges, and that our tax cuts package puts money back in the pockets of those who are struggling to keep up with rising housing costs.”
“The high cost of housing has been holding too many Cape residents back,” said Yarmouth Town Administrator, Robert Whritenour. “It's great to host Governor Healey here at Yarmouth Gardens today to showcase how her administration is working to create great partnerships to make Massachusetts more affordable, put real dollars back into people's pockets, and build more housing to meet the needs of our growing communities.”
“On the Cape and Islands, the housing crisis has caused our region to become profoundly unaffordable, eroding year round communities from Chilmark to Provincetown,” said Senator Julian Cyr (D-Truro). “Governor Healey’s Affordable Homes Act is a huge step forward in our long-sought efforts to implement a local option transfer fee on luxury real estate, in addition to other creative initiatives such as seasonal designations for communities impacted by tourism and Accessory Dwelling Unit permitting by right. The needs of Cape Codders and Islanders are front and center in the Healey-Driscoll Administration’s game changing housing legislation.”
“Our towns desperately need affordable housing for teachers, firefighters, nurses, and other essential community members who are being driven out by profoundly unaffordable home prices,” said Representative of Falmouth Dylan Fernandes. “I am grateful for Governor Healey’s leadership in supporting affordable housing programs across the board and ensuring that Massachusetts remains a competitive, affordable state for our middle class.”
Provisions of the tax cuts package that will make housing more affordable include:
Housing Development Incentive Program (HDIP) – increases annual program cap from $10 million to $57 million in 2023, and thereafter to $30 million annually.
Septic System Tax Credit – Triples the maximum credit available from $6,000 to $18,000 and increases the amount claimable to $4,000 per year, easing the burden on homeowners facing the high cost of septic tank replacement or repair.
Rental deduction – increases rental deduction cap from $3,000 to $4,000.
Senior Circuit Breaker Tax Credit – Doubles the credit, from $1,200 to $2,400 for low-income seniors to help minimizes their taxes.
Low-Income Housing Tax Credit (LIHTC) – increases annual program cap from $40 million to $60 million
Estate Tax – Increases the threshold from $1 million to $2 million with a credit that mitigates the cliff effect. This change brings Massachusetts more in line with other states and keeps pace with the rising value of homes in communities across the state. This reform will allow seniors to pass on generational wealth, making it more attractive to retire and age in Massachusetts and for families to stay geographically close.
The tax cuts package included necessary support for families, seniors and businesses as well. On October 5, Governor Healey and Lieutenant Governor Driscoll visited Gardner Elementary School and the Haverhill YMCA to celebrate the nation’s most generous Child and Family Tax Credit. On October 10, Governor Healey and Lieutenant Governor Driscoll visited the Northborough Senior Center to celebrate doubling the Senior Circuit Breaker Tax Credit and additional tax cuts to save seniors money. On October 18, Governor Healey and Lieutenant Governor Driscoll visited St. Mary’s the Morningstar in Pittsfield to celebrate savings for senior homeowners. Additional visits will be planned in the coming days to celebrate relief for businesses and more.
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