Resolve creating a special commission on affordable housing insurance

Plain English Breakdown

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Creating a Special Commission for Affordable Housing Insurance

This bill creates a special commission to study and develop rules about insurance rates for affordable housing properties.

What This Bill Does

• Creates a special commission to look at how insurance companies set rates for affordable housing buildings with affordability restrictions and those using rent vouchers.
• Includes members from the state government, housing organizations, and insurance groups on this commission.
• Requires the commission to report their findings by December 31, 2026, including any new laws they suggest.

Who It Names or Affects

• Insurance companies that provide coverage for affordable housing properties with affordability restrictions or those using rent vouchers.
• People who live in or own affordable housing buildings.
• Government agencies involved with housing and insurance issues.

Terms To Know

Affordability restrictions

Rules that make sure a building is kept as affordable housing for people who need it.

Statutory framework

The laws and rules set by the government to guide how something works.

Limits and Unknowns

• Does not specify what will happen after the commission reports their findings.
• It is unclear if or when this bill will become a law.

Official Summary Text

Resolve creating a special commission on affordable housing insurance
By Representative Owens of Watertown, a petition (accompanied by resolve, House, No. 1279) of Steven Owens and Vanna Howard for an investigation and study by a special commission (including members of the General Court) to develop statutory and regulatory framework to address the setting of rates by insurance companies for properties with affordability restrictions. Financial Services.
Status:
Referred to House Committee on Ways and Means

Current Bill Text

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Bill H.1279

Resolved,
that there shall be a special commission established to develop a statutory and regulatory framework to address the setting of rates by insurance companies for properties with affordability restrictions and properties where tenants use vouchers to pay part or all of their rent. The commission shall report its findings, including any proposed legislation, to the house and senate committees on ways and means, the joint committee on financial services and the joint committee on housing no later than December 31, 2026.

The commission shall consist of 10 members including: 1 member of the house of representatives appointed by the speaker of the house; 1 member of the senate appointed by the senate president; the commissioner of insurance, or a designee, who will act as chair; the secretary of the executive office of housing and livable communities, or a designee; the attorney general, or a designee; 1 of whom shall be a representative from the Citizens' Housing And Planning Association; 1 of whom shall be a representative from the Massachusetts Association of Community Development Corporations; 1 of whom shall be a representative from the Builders of Color Coalition; 1 of whom shall be a representative from the National Association of Industrial and Office Properties Massachusetts; and 1 of whom shall be represent an insurance trade association.

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