boston-real-estate-money

In what is being hailed as a major crackdown on affordable housing abuse, a Massachusetts Senate committee has told a state agency to keep a closer eye on developers’ profits.

“This program is long overdue for an overhaul,” Sen. Marc Pacheco, (D-Taunton) chairman of the Senate Post Audit and Oversight Committee, said yesterday.

The report, “Chapter 40B: Building Accountability into the Massachusetts Affordable Housing Program,” calls for a detailed review of 40B finances. The law limits developer profits to 20 percent of total project cost; anything more must go to the host community.

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