The House and Senate both unanimously approved a compromise $52.7 billion annual budget (H 5050) for the fiscal year 2023, which began on July 1st with an interim spending plan in place.
The bill proposes a $1.46 billion deposit to the state's Rainy Day fund, which would bring it to the balance of $7.35 billion. The bill includes $14 billion in federal reimbursements and other sources, with the total funds for the budget being $54.87 billion.
The bill is now on Governor Baker's desk. The Governor has 10 days to review it and send it back with amendments and vetoes. With the formal session ending July 31st, the Legislature will have a short time to override any vetoes.
Please refer to CHAPA Budget Priority chart for funding amounts for affordable housing. Below is the summary of some critical programs:
Residential Assistance for Families in Transition (RAFT) - The Legislature funds RAFT at $150 million in addition to the $60 million leftover from the FY2022 Supplemental budget with the total being close to $210 million for FY2023. This is critical given that the federal funding for rental assistance has almost ended. The Legislature also increases RAFT benefit to $10,000 until June 30, 2023, after which the benefit will drop to $7,000.
Alternative Housing Voucher Program (AHVP) - The Legislature allocated $13.6 million along with language to carry forward $5.6 million in unspent funds from FY22 bringing the AHVP total allocation to $19.2 million.
Public Housing - The Legislature allocates $92 million in funding for Public Housing Operating line item.
HomeBASE - The Legislature allocates $56.9 million for HomeBASE with automatic renewal of benefits for up to 2 years.
CPA - The Legislature also transfers $20 million to the Massachusetts Community Preservation Trust Fund
CHAPA thanks Senate President Spilka, House Speaker Mariano, Chairman of Ways & Means Committee, Sen. Rodrigues and Rep. Michlewitz, Members of the Ways & Means Committee, Chairman of Housing Committee, Sen. Keenan and Rep. Arciero, and all the legislators for historic investments in affordable housing priorities.