Boston Business Journal – May 19, 2006
Massachusetts has a chronic shortage of low- and moderate-income housing. In 1969, the Legislature sought to help remedy this housing shortage by enacting the Anti-Snob Zoning Act, often referred to as Chapter 40B.
Chapter 40B presents an opportunity for developers to prosper from residential development with a fair return on their investment. However, a developer’s chance of success — and profitability — can be greatly enhanced by taking steps that will streamline the local approval process and avoid lengthy legal battles.
In towns where existing affordable housing is less than 10 percent of the total housing units, Chapter 40B allows developers to construct housing projects that do not comply with local zoning and land-use controls. However, in return, developers must make 25 percent of the project’s units available at below market prices.
At the start of the Chapter 40B approval process, the developer must submit a comprehensive permit directly to the local zoning board of appeals that contains preliminary site-development plans, a report on existing site conditions, plan of proposed building types and size and a list of requested exceptions to local requirements and regulations. The developer must also demonstrate that the proposal is fundable by a state agency that will provide low- and moderate-income subsidies to qualifying purchasers or renter. [Read more...]
