Kerry, Kennedy Announce Massachusetts to Receive $50 Million for Affordable Housing Initiatives

BOSTON, MA – July 10, 2009 – (RealEstateRama) — Senators John Kerry and Edward Kennedy today announced that Massachusetts Department of Housing and Community Development would receive $50,814,102.00 from U.S. Treasury Department as part of the American Recovery and Reinvestment Act.

According to the U.S. Treasury Department, housing starts have fallen almost 80 percent since the beginning of 2006. Houses currently under construction are at a 13-year low, down more than 60 percent from three years ago. This collapse has led to severe job losses in the residential building and specialty trades sector related to housing, with employment down by nearly one-third — a loss of over one million jobs nationwide.

“We’ve got more than 750 Massachusetts families and 1,000 children hanging on by their fingernails living in motels at a cost to state taxpayers of nearly $2 million each month. This affordable housing investment will help these families and thousands more who are out of work or struggling with reduced incomes from fewer hours at work by creating good jobs and delivering affordable housing now. It will help keep these working families off the streets and out of shelters for good,” said Senator Kerry.

“These funds are vital to Massachusetts families who are out of work and reeling from the soaring cost of housing,” said Senator Kennedy. “I commend the Massachusetts Department of Housing and Community Development for its extraordinary commitment to our citizens struggling with housing costs, and I commend President Obama for emphasizing the need to make these important investments that protect families and also create jobs in our Commonwealth.”

For more information please visit http://www.ustreas.gov/

CONTACT: Brigid O’Rourke, 617-565-8252