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Massachusetts Developers May Get Permitting Extension Under New Legislation
Developers across Massachusetts would have more time to secure construction financing on approved projects under economic development legislation introduced in the state’s Legislature. A provision of the legislation would extend existing approvals for building and other permits by two years, the Boston Business Journal reported.
Construction starts have declined substantially in Greater Boston in the past two years as developers have encountered higher borrowing and building costs and greater difficulty finding loans, reported the Business Journal. Should their permits expire while they seek financing, they would need to spend time and money to renew them, and such renewals are not guaranteed.
“It just gives them a lifeline to allow them to go forward without having to go back to the drawing board on permitting,” Greg Sampson, who leads law firm Sullivan & Worcester’s permitting and land use practice, told the Business Journal. NAIOP Massachusetts has pushed for the permitting extension.
- ◦Policy/Gov't
