MARKEY ANNOUNCES $6 MILLION FOR AFFORDABLE HOUSING PRESERVATION IN MALDEN

251 Affordable Rental Units to be Preserved in Malden

MEDFORD, MA – June 24, 2010 – (RealEstateRama) — Rep. Edward J. Markey (D-Malden) announced Monday that over $6 million in combined federal and state funding will soon be released for the preservation of 272 rental housing units, 251 of which will be set aside as affordable housing, for the City of Malden.  The maintenance and restoration of these rental units will boost the availability of affordable housing in Malden, while creating jobs and fostering economic growth.

Rep. Markey said:  “For people in Malden, this critical funding is a win-win, creating thousands of jobs while providing thousands of people with affordable housing as we continue to rebuild our economy here in Massachusetts.”

In Malden, the MM Homes will receive $1,607,200 in subsidies to preserve 15 units of transitional and permanent housing for formerly homeless families.  The Salem Towers will receive $2,460,782 in subsidies to preserve 81 units, 80 of which will be affordable housing units for low-and moderate-income households.  Finally, The Heritage Apartments will receive $2 million in program subsidies to preserve 176 rental units, 156 of which will be affordable and 18 of which will be set aside for low- and moderate-income households.

The City of Malden was one of 32 cities and towns in Massachusetts to receive a portion of the $189.9 million in resources that Governor Patrick and his Administration, along with the federal government, have pledged in order to create and preserve 1,786 new rental units across the state of Massachusetts, including 1,737 affordable units for low-and moderate-income families.