Governor Patrick Pledges $142 million in Public and Private Resources to Develop Affordable Rental Housing
Program funds, tax credits used to build, preserve 1,218 apartments in 20 communities
MA – August 14, 2008 – (RealEstateRama) — Governor Deval Patrick today pledged more than $142 million from state housing programs and equity leveraged from private sector investment in low-income housing tax credits to support projects statewide that will yield 1,218 rental apartments, 1,124 of which will be affordable for low- and moderate-income residents.
“This blend of public and private resources will help keep Massachusetts economically strong and competitive because it will serve residents from all walks of life,” said Governor Patrick. “These developments will generate jobs, revitalize neighborhoods and boost workforce housing while creating new permanent housing opportunities for homeless individuals and families.”
Of the $142 million, an estimated $84 million in project financing will be leveraged through private investment in exchange for $7.85 million in federal low-income housing tax credits, and another $4.9 million in state low-income housing tax credits. Both programs are administered by the state Department of Housing and Community Development. The remaining $58 million will be awarded directly from eight different affordable housing programs also administered by DHCD. Each program is designed to serve developers who produce housing for income-eligible seniors, families, individuals and special needs residents across the state.
Project funding will support 29 developments in Boston (6 projects), Brockton, Cambridge (2 projects), Chelmsford, Haverhill (2 projects), Holliston, Holyoke, Ipswich, Lee, Lowell, Melrose, New Bedford (2 projects), Pittsfield, Springfield (2 projects), Somerville, Waltham, Watertown, Westfield, Weymouth and Worcester (detailed award sheet attached).
Of the 1,124 affordable apartments being developed, 249 units in various projects will be targeted to serve as permanent housing for homeless individuals and families. Also, each project will utilize green building technology including energy saving appliances, plumbing fixtures, heating systems, windows and insulation to make these new developments energy efficient. “Whether it is increasing permanent housing opportunities for the homeless, creating new homes for our workforce or stabilizing neighborhoods hit hard by foreclosure, these awards will go a long way in helping us to keep our communities, healthy, strong and vibrant,” said Tina Brooks, the state’s undersecretar for housing and community development.
Contact:
Phil Hailer
617-573-1104
