Bill
S 1955
The bill would let Martha’s Vineyard towns impose a real estate transfer fee to fund year-round affordable housing through local or regional housing trusts.
Summary — S.1955 (Senate Docket No. 1681)
An Act establishing the Martha’s Vineyard housing bank
Note on source material and inconsistencies
- The metadata supplied with the request contains conflicting titles and items (references to antique motor vehicle inspections, a federal gun‑violence Act, and US Senate cosponsors). The bill text included in your file is a Massachusetts state bill (Senate No. 1955 / Senate Docket No. 1681, filed 1/16/2025) introduced by Senator Julian Cyr entitled “An Act establishing the Martha’s Vineyard housing bank.” The summary below is based on the Massachusetts bill text provided. The bill text in the packet is truncated, so some implementation details (for example, precise fee rates, complete list of exemptions, and enforcement mechanics) are not available in the excerpt.
Purpose and intent
- Create a local/regional financing mechanism to support year‑round affordable and attainable housing on Martha’s Vineyard by authorizing towns (individually or jointly) to establish a transfer fee on real‑property transactions and to deposit proceeds into municipal or regional year‑round housing trust funds.
Key provisions (from available text)
- Definitions: The bill establishes detailed definitions for terms used throughout the act including “transfer fee,” “purchase price,” “purchaser,” “seller,” “settlement agent,” “affidavit of transfer fee,” “attainable/affordable housing,” “attainable housing restriction,” “qualified holder,” “real property interest,” “regional year‑round housing trust,” and “municipal affordable housing trust fund.”
- Authority to impose fee: Any town or group of towns on Martha’s Vineyard may, by majority vote of its legislative body, establish (or rescind) a fee on transfers of real property within their jurisdiction.
- Use of proceeds: Fees are to be paid into a municipal or regional year‑round housing trust fund created pursuant to chapter 23B (or other applicable state law) and used to create, preserve, or support year‑round affordable housing for low‑ and moderate‑income households.
- Collection and affidavit requirement: The bill requires an “affidavit of transfer fee” signed under penalty of perjury by the purchaser (or settlement agent) that discloses the full purchase price, fee owed (or exemption basis), and the purchaser’s payment obligation to the regional trust. Settlement agents are defined and implicated as parties responsible for closing and disbursement.
- Affordability restrictions and qualified holders: The bill contemplates recorded “attainable housing restrictions” of at least 30 years, and identifies “qualified holders” (governmental bodies or charitable entities) that can hold such restrictions consistent with chapter 184 provisions.
- Regional vs. municipal trusts: The bill provides for either a single‑town year‑round housing trust or a regional trust established by two or more towns in Dukes County (Martha’s Vineyard).
Who would be affected
- Home purchasers and sellers on Martha’s Vineyard (buyers typically required to remit the fee at transfer).
- Settlement agents/title companies and real estate professionals (new affidavit and collection duties).
- Municipal and regional governments and the newly established housing trusts (administration and use of funds).
- Prospective homebuyers and renters benefiting from increased funding for year‑round affordable housing; potential market impacts (transaction costs, price effects) for property transfers on the island.
Procedural status (from provided materials)
- Filed in the Massachusetts Senate (Senate Docket No. 1681; Senate No. 1955) on 1/16/2025 by Senator Julian Cyr.
- The version provided is incomplete (text truncated). A hearing was scheduled in the materials for 09/09/2025 (Gardner Auditorium) — consult the Massachusetts Legislature docket for current status and any amendments.
Uncertainties / missing details
- The excerpt omits the specific fee structure (rate(s) or formulas), enumerated exemptions, enforcement/penalty provisions, administrative governance of the trust(s), and any sunset or reporting requirements. For precise impacts and compliance obligations, review the full bill text and any final enacting language or implementing regulations.
Compiled from official sources — confirm details with the bill’s official record.
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