MAR Online Blog

We’re pleased to share that the Legislature has passed, and the Governor has signed, a budget for fiscal year 2024. Here are some items for which we successfully advocated: 

• Crumbling concrete foundation prevention – Helping homeowners afflicted with crumbling concrete foundations was one of MAR’s priority issues for last month’s REALTOR® Day on Beacon Hill. The budget does that in two ways, by increasing funding for the state’s foundation testing program and, most importantly, creating a quarry testing and licensing program to make sure that this problem stops now. We will continue advocating for assistance for homeowners already facing this problem.
   
• Increased funding for housing assistance – the Legislature has continued its long-term commitment to providing housing assistance for those in need. Several line items received significant year-over-year funding increases, including the RAFT program (25%), state housing voucher program (16%), emergency shelters (48%), and local housing authorities (16%).
   
• Extending brownfield redevelopment tax credits – The budget provides a five-year extension for the redevelopment brownfields sites that are or may be contaminated. This program, which would have expired this year without the extension, is a proven stimulator of growth and improves community economic vitality.      

The Legislature now has until November 15th to consider the Governor’s edits and can override vetoes with a 2/3rds majority. None of the Governor’s recommended changes impact our real estate priorities.