The proposed bill establishes the "Starter Home Development Trust Fund" within Chapter 10 of the General Laws of Massachusetts. This fund is intended to provide financial assistance for the construction, acquisition, and substantial rehabilitation of owner-occupied starter homes aimed at households with incomes between 80% and 120% of the area median income. The fund will be financed through various sources, including appropriations, grants, and private contributions, and any unspent funds at the end of the fiscal year will not revert to the General Fund. The bill also emphasizes collaboration with the Massachusetts Housing Finance Agency to expand the CommonWealth Builder Program across all municipalities, prioritizing projects in designated starter home zoning districts.

Additionally, the bill mandates the executive office of housing and livable communities to create regulations by December 31, 2027, which will outline the application and selection criteria for projects funded by the trust, as well as the process for disbursing funds to developers. An advisory council may be established to provide policy recommendations regarding the fund's activities, and the executive office is required to submit an annual report detailing the fund's financial activities and the number of housing units created.