Policy and Funding Announcements

This week, the Governor signed into law a $5.2 billion Housing Bond Bill, “The Affordable Homes Act.”  We were disappointed to see some important legislation eliminated from the final bill, such as TOPA and Transfer Fee that we have been fighting for, and will continue to fight for in future legislative sessions. On a positive note, we do have a victory to celebrate: The Affordable Homes Act included $10 million for the Small Properties Acquisition Fund!

Governor Healey signs the Affordable Homes Act (Housing Bond Bill) on August 6th.

Small Properties Acquisition Fund (SPAF) Launched and Expanded

SPAF, which was won and designed by the GBCLTN in 2022 is now up and running! This is a policy that mirrors Boston’s Acquisition and Opportunity Program, adding State subsidy to sources of funding for affordable housing organizations like ours so that we are more likely to acquire buildings at risk. This is an important piece of legislation that BNCLT has worked hard to shape and support with our CLT Network and other housing peers. The Executive Office of Housing and Livable Communities (EOHLC) and the Community Economic Development Assistance Corporation (CEDAC) announced that the program is officially established and will start receiving applications. 

Additionally, the finalized Affordable Homes Act (Housing Bond Bill) includes $10,000,000 for SPAF. This is critical funding to help nonprofits, like CLTs, acquire market-rate housing. We are grateful to all the advocates and legislators who helped to get this passed. 

Tenant Opportunity to Purchase Act (TOPA) Not Passed

TOPA — which would give tenants the right to buy their buildings by matching a third-party offer when their building goes up for sale — was not included in the Affordable Homes Act (Housing Bond Bill). This is a big disappointment for us and our allies. Stay tuned for next steps from the TOPA Coalition. 

MGH Community Health Impact Funds Awards $2M to GBCLTN

Finally, the GBCLTN has received $2,000,000 from MGH’s Community Health Impact Funds. We decided to apply for these funds along with the three other local and eligible CLTs, as a way to leverage our collective power. This significant investment will allow the GBCLTN to expand our CLT Funding Pool, advocate for CLT-supportive policies, and improve our systems and operations.