Establishing the Martha’s Vineyard housing bank

The bill establishes a housing bank for Martha’s Vineyard. It allows towns on the island to impose a transfer fee on the sale of real estate, which ranges from 0.5% to 2% of the sale price above a certain threshold. The funds collected are meant to create and preserve affordable and year-round housing. Towns can choose whether to apply this fee and can use the funds individually or through a regional trust. Certain property transfers are exempt from the fee, such as gifts or transfers between family members.

MA H3193 is a house bill in the Massachusetts 194th General Court, sponsored by Thomas Moakley (D), currently “Introduced” since February 27, 2025.

We track 6,558 Massachusetts bills this session, 20 of them sponsored by Thomas Moakley.

Supporters praise the bill for addressing the housing crisis on Martha’s Vineyard. By providing a financial mechanism to generate funds for housing, it helps ensure more affordable and year-round housing options are available to residents. The bill allows towns flexibility in setting rates and utilizing funds, empowering local control over housing issues.

Critics argue the bill imposes an additional financial burden on property buyers, potentially discouraging real estate transactions. The exemptions could lead to loopholes, possibly undermining the fund's effectiveness. Furthermore, the administrative requirements and regional framework might complicate the implementation and distribution of collected funds.