Dear Billy T and Somerville Speakup Line,
Please post this for all to see!
Attached you will find a rough DRAFT document that the Board Of Aldermen (BOA) continues to discuss and amend during our Legislative Matters Committee Meetings. Many of you have been following this process, but some I have recently learned are not yet aware.
In our efforts to assist our families and all constituents who are being “priced out” of Somerville, this Ordinance would impose a fee when a home or apartment building were sold. Briefly, we are talking about potentially EXEMPTING all owner-occupied 1, 2, & 3 family homes. Also exempting any family trust transfers. Other proposed exemptions continue to be discussed. Some discussion has been looking to hold this Transfer Cost to developers who are flipping homes quicker than we can blink. However, as I stated above, the BOA continues to hold discussion on this Draft document. The monies collected would perhaps go ONLY to an Affordable Housing Trust Fund.
IF, after a Somerville Public Hearing on this matter the Board Of Aldermen choose to move forward on this, it must first be approved by State Legislature (Home Rule Petition). This has NOT been done in MA as of yet. Other districts have attempted in the past. Much more discussion will be held here in Somerville – then a public hearing will occur.
As a reminder, our meetings are both live steamed and/or viewable at any time via the video link on our City’s web page: http://somervillecityma.iqm2.com/Citizens/Default.aspx
A Pissed Off Residents