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Bill H.1550
SECTION 1. Section 16 of said chapter 121B, as so appearing, is hereby amended by adding the following paragraph:-
“Notwithstanding any provision to the contrary in this chapter or in any other general or special law relative to the tax status of real property, buildings or other structures owned by a housing authority, a controlled affiliate, or another private entity, including without limitation a for-profit or charitable corporation, general or limited partnership, or limited liability company, that contain or will contain replacement units as defined in section 1, shall be exempt from taxation, betterments and special assessments to the extent such buildings or structures are restricted for use as replacement units, including associated common areas and associated land. If replacement units and associated common areas constitute only a portion of such resulting buildings or structures, the exemption shall be prorated based on the ratio which the square footage of replacement units bears to the square footage of all other residential or commercial units within the buildings or structures. The housing authority, controlled affiliate or other private entity shall pay (a) with respect to the exempt portion of the buildings or structures and land, a payment in lieu of taxes consistent with the valuation or other formula generally applicable under this section to the housing authority’s real estate in the city or town in which such real estate is located, or as otherwise previously agreed upon between the city or town and the housing authority as the method for computing the payments to be made in lieu of taxes, and using the ratio described above; and (b) with respect to the non-exempt portion of the buildings or structures and land, real estate taxes in accordance with chapter 59 of the General Laws based on the fair cash value of the non-exempt portion of the buildings or structures and non-exempt portion of the land using the ratio described above.”.
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