The proposed bill aims to address the housing crisis in Boston by introducing a real estate transfer fee and enhancing property tax relief for senior homeowners. Specifically, the City of Boston is authorized to impose a fee of up to 2% on the purchase price of real property transfers, with the first $2,000,000 of the purchase price exempt from this fee. The bill outlines various exemptions, including transfers between family members and those to government entities, and allows the city to adjust the exempted value every five years based on median sales price increases. Additionally, the bill mandates that all fees collected be deposited into the neighborhood housing trust and can be allocated for various housing-related programs.

Furthermore, the bill proposes significant adjustments to the senior homeowner property tax exemption criteria. It increases the exemption amount from $500 to $1,500 and modifies income thresholds to align with 50% of the Area Median Income, as published by the U.S. Department of Housing and Urban Development. The bill also raises the asset limits for eligibility, ensuring that more seniors can benefit from tax relief. The act is designed to mitigate housing insecurity and promote affordable housing development while providing necessary support to vulnerable populations, particularly seniors.