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Great Barrington considering new alternatives to fund affordable housing
Heather Bellow at The Berkshire Eagle reports that Great Barrington wants to help residents that need affordable housing, but does not have the money to do so. The Town Board is now considering a “real estate transfer fee” to help their affordable housing fund. Critics worry that could drive home prices up even further. The Town Board is also considering a tax break for landlords who rent for affordable rates year-round. Both the Select Board and Planning Board, in a joint session last week, voted unanimously to have the town research and consider these proposals. Board members are looking at several options, such as a fee of between 0.5 percent and 2 percent that could be split by the buyer and seller or paid by either. Or the fee could be applied only to sales of houses that are possibly 150 percent above the median sale price for single-family homes, or over $1 million. Board members still need to work out rates and exemptions to the possible fee. Whatever is raised would go to the town's Affordable Housing Trust Fund, which aids residents with housing in a variety of ways, including with making down payments. Read the full story in The Berkshire Eagle.