Economic Development Bill Summary

OVERALL SUMMARY:

• $626.5 million 

• $50M funding for transit-oriented housing 

• $30M for loan program similar to Paycheck Protection Program for businesses hurt by covid

• $35M in loan funding for community development lending institutions to extend capital to small businesses, with a focus on minority- and women-owned businesses 

• $52M for science and technology research

• $20M for economic development for small, rural communities 

• $14M for tourism

• $6M to support artists and museums 

• Doubles low-income housing tax credit program to $40M

• Seals no-fault evictions to combat housing discrimination

• Lowers threshold for local boards to approve zoning bylaw changes to simple majority

• 15% Delivery Fee Cap to prevent delivery apps from taking advantage or struggling restaurants during the pandemic

• Creation of a Rural Job Growth Fund

• Student’s Loan Bill of Rights

  • Bans abusive or deceptive student loan servicing practices, such as wrongfully steering borrowers into forbearances and away from relief programs like income-driven repayment or Public Service Loan Forgiveness, and providing recourse for borrowers harmed by these practices.

  • Codifies minimum servicing standards for companies that handle student loan accounts.

  • Establishes a Student Borrower Ombudsman responsible for reviewing and acting on complaints submitted by borrowers.

  • Provides public education initiatives to help students and borrowers navigate student loan repayment and default issues.

• An earmark for $500,000 to provide menstrual products to homeless shelters. This is an issue that I have been working on with Rep. Barber and Senator Jehlen, along with MassNOW, for this last session. Menstruating individuals should always have access to these products but especially now during such economic uncertainty.