If you’re looking to take part in a planned real estate development in Greater Boston, you might be in luck.
Commercial real estate interests cheered the inclusion of language to extend valid permits – including home building permits – for an additional two years in the economic development bill expected to be signed by Massachusetts Gov. Maura Healey.
The commercial real estate group NAIOP Massachusetts said lawmakers included its proposal for a two-year “Permit Extension Act” as Section 280 of the $4 billion jobs bill released Tuesday evening. NAIOP said giving permit-holders an additional two years to complete their work is vital “to protect the over 40,000 permitted-but-not-yet-built housing units across the Commonwealth.”
Lawmakers pursued extensions of state and local permit approvals in 2010 for projects facing obstacles tied to the Great Recession and credit crisis and renewed the extension in 2012. The extensions were viewed by developers and legislative supporters as a way to keep job-creating proposals alive and boost the construction industry. The state also extended various permits during the COVID-19 pandemic.