Home building companies recently received news that Massachusetts Governor Deval Patrick has signed a bill into law which will extend all construction projects that were recently approved on the local level by two years. Warning about the law's implementation was already issued by Planning Director Edmond Tarallo during the weekend when he stated that the sales tax holiday includes an unrelated provision which will extend site plan, development approvals and special permits.
According to local construction industry observers, the law was implemented to address the issue of projects being left unfinished, particularly during the past few years when homes and commercial structures under foreclosure property listings continue to rise in numbers. Local officials have explained that when developers seek permission from a town or city, approvals often stipulate that the project be completed within a year or two.
If the developer failed to complete the construction by the deadline and extension was not obtained, the approval process is required to be repeated in its entirety. With the housing market crisis and the recession weighing down the whole real estate industry, most home building companies find themselves coping with lack of demand for residential projects. These factors all led to most residential construction projects being halted.
Numerous construction projects have also been put on hold following the deadline of the tax credit. Commercial developments were also not spared, with most builders considering the level of risk involved in construction projects that are ongoing while the real estate market is in its current unstable condition.
Taking all these factors into consideration, local planning officials agreed to grant extensions to two major development projects in the state. One was a subdivision project at Salem Street, while the other is at Tyler Street, which is also a subdivision development.
The recent extension law has caused concerns among some residents though, with some of them wondering whether the new regulation will change the parameters for the subdivision developments. Planning officials were quick to put this concern to rest, stating that only the timetable for the projects' completion given to home building companies is affected by the latest guideline.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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