The latest information about the association, our brokerage community, and the real estate industry.
Opportunity Zone Educational Meeting
One of the outcomes of the 2017 Tax Cuts and Jobs Act was the creation of Opportunity Zones.
The Impact of Zoning
“Eliminating Exclusionary Land Use Regulations Should be the Civil Rights Issue of our Time” by Michael Stegman examines the impact of zoning on socioeconomic factors across the nation
Appraisal Threshold Increased by 60%
The Federal Deposit Insurance Corporation (FDIC) has publisheda rule that would increase the appraisal exception from $250,000 to $400,000.
Salem Talks Affordability with Accessory Dwelling Units
Last night, the Salem City Council in conjunction with the Planning Board held their second public hearing on the topic of Accessory Dwelling Units (ADUs).
HUD Unveils Long Awaited FHA Condo Rules
Today, the Housing and Urban Development Department published their public documents changing the financing of condos under FHA.
Salem Continues Public Hearings on Accessory Dwelling Units
Tonight, Salem continues public hearings on the topic of Accessory Dwelling Units (ADUs).
Municipal and Religious Overlay District Moves to Subcommittee
On August 1st, Salem City Council voted 9-1 to move the Municipal and Religious Overlay District to the Ordinance, Licenses, and Legal Affairs subcommittee
HUD Puts Down Payment Assistance Rule Change on Suspension
Following a federal judge ruling in Utah, the Department of Housing and Urban Development has issued a notice to lenders that a rule change HUD made to down payment assistance guidelines in April is being put on suspension until further notice.
Manchester-by-the-Sea Continues Recodification
Manchester-by-the-Sea is making progress on the re-codification of its zoning bylaws.
Governor Baker Announces 2019 Affordable Rental Housing Awards
On July 18th in Swampscott, the 2019 Affordable Rental Housing Awards where announced by Governor Baker. The North Shore was very well represented with four local recipients. The awards in total consist of nearly $80 million in direct subsidies and $38 million in Low Income Housing Tax Credits to fund the development, renovation, and preservation of housing opportunities throughout Massachusetts.
The four local winners are: Cabot Street in Beverly, which will construct 24 new units as well as rehabilitating 45 existing units. All of these units will be restricted to individuals earning less than 60% of the area median income. Harbor Village in Gloucester will be a mixed-use project consisting of a commercial ground level and 30 new units which will be restricted to 60% of area median income. The Tannery in Peabody is a preservation project. When the rehab is completed there will be 200 units reserved for those earning less than 60% of area median income and 35 units for those earning less than 30% of area median income. Finally, The Senior Residences at The Machon in Swampscott is a redevelopment project of an elementary school for senior citizens. There will be 38 units available for seniors earning less than 60% of the area median income and 8 more units for seniors earning less than 30% of the area median income.
Peabody's 25% Affordable Housing Requirement Lowered to 20%
In April, it was voted by City Council to create a requirement of 25% affordable housing units for large developments. At the same time the building height allowance was also raised to 5 floors.