MGL Chapter 58 Section 8

Another hidden cost.

This very interesting law.  It says if you are going to build affordable housing that 75% of any back taxes and 100% of the interest can be waived. 

You find a lot that $50,000 is owed and the City of Worcester has it in tax title, which they will eventually own and auction off.   A developer of low-mod income housing can approach this owner pay them short money, since they have already walked, and get most of the back taxes waived.   How much could the city have gotten if they did take title and auction.

Better yet, you let taxes accumulate on an empty building then you approach the City of Worcester and tell them that you want to develop affordable housing and invoke Chapter 58 Section 8 to get your taxes waived. 

I would like to see a listing of all of these requests granted the past 10 years and the amounts.