FY24 Budget Supports Housing

August 3, 2023

- By The MAR Legal Team

We’re pleased to share that the Legislature has passed 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 the 2023 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.      

Now the budget is on to the Governor, who has ten days to review the budget. She can approve or veto it entirely, reduce specific line items, veto policy proposals, or send amendments to the Legislature. The Legislature will then consider the Governor’s edits and can override vetoes with a 2/3rds majority. Stay tuned!