Rep. Stanley cosponsors bill to reduce CPA fees for affordable housing
Rep. Stanley cosponsored legislation to reduce CPA recording fees for affordable housing. This legislation would amend the CPA legislation to lessen the financial burden for affordable homebuyers. The bill would provide important relief for the very people that rely on affordable housing programs like CPA. Statewide housing advocates including CHAPA and MAHA, along with the Community Preservation Coalition, all support adding this language to Chapter 44b.
Whenever a mortgage is filed at any of the State’s Registries of Deeds, a portion of the recording fee is transferred to the statewide CPA Trust Fund. Most buyers will record only one mortgage, meaning they will pay the fee once. But it is common for affordable mortgages to use multiple subsidies and file second, third, and even fourth mortgages. This legislation would amend CPA so that affordable home buyers only paid the fee once, no matter how many subordinate mortgages they file.