| Smart Growth Trust Fund (40R) |
|
Chapter 40R encourages cities and towns to zone for compact residential and mixed-use development in “smart growth” locations by offering financial incentives and control over design. Proponents see it as a way to increase housing production and ultimately bring down housing costs in Massachusetts by creating zones pre-approved for higher density development that will attract developers. Land Use Partnership Act / Community Preservation Act / Smart Growth Trust Fund / Surplus Land Disposition Chapter 40R, signed into law in 2004, encourages municipalities to establish “smart growth zoning districts,” or zoning which overlays one or more current districts and allows developers to follow the zoning codes of either of the districts. These districts must be located near transit stops, town centers, commercial area or underused industrial properties. Smart growth zoning districts may overlay either or both residential and commercial parts of town. In these areas, the smart growth zoning requires that a minimum of 20 percent of new residential developments with 12 or more units be affordable. The Commonwealth will give the following “housing incentive payments” for having this kind of development: $10,000 for up to 20 units; $75,000 for 21-100 units; $200,000 for 101-200 units; $350,000 for 201-500 units and $600,000 for 501 or more housing units. In addition to this, a payment of $3,000 for each new unit will be given to a town or city when the building permit is issued. As of winter 2005, no city or town has yet formed a smart growth zoning district.
Resources |