wonderful commitment to increasing Affordable Housing in
Massachusetts
The State of Massachusetts just had a massive
breakthrough with Governor Deval Patrick securing a deal that will
see upwards of $73 Million used to build 1,145 apartments across
the State. The affordable housing resources and tax credits will
benefit seventeen communities spread throughout Massachusetts.
As a whole, the money comes from a bond bill that was
enacted by Legislature to provide $1.4 Billion over five years for
eleven capital funding programs. These, according to the Boston
Business Journal, will …rehabilitate State-assisted public
housing, preserve the affordability and income mix of
State-assisted multifamily developments, and support home ownership
and production of rental housing opportunities for low- and
moderate- income residents, elderly, the homeless, persons with
disabilities and veterans.
One of these places is where the announcement began,
at Putnam Square Apartments in Cambridge. It was here where
Governor Deval Patrick stated that even in this development, 94
units were being designated to elderly housing, with $7.8 Million
in State low-income housing tax credits and an additional $5.1
Million for Federal and State housing program subsidies that will
go to landlords.
1,084 of the 1,145 housing units will be for
affordable to low- and moderate- income wage brackets. This all
comes at such an ideal time for Massachusetts residents. Not only
is the real estate market thriving, but as a result there has been
a continuous downward pressure on the inventory levels. The immense
amount of demand to purchase has made it difficult for the
inventory to return to a more stable level. Although a great deal
of development and investment has been put into the State as of
late with regards to all forms of housing, much of these are in
support of the higher-end market.
The notion that Patrick has set a target of creating
10,000 multi-family units of housing annually going forward is a
wonderful realization for those looking to find affordable
market-rate housing to call home. During the conclusion of Patricks
plan he highlighted his administrations additional goal of
including capital bond financing to authorize $45 Million to
upgrade early childhood facilities and education opportunities in
low-income communities. Indeed, this week has given so many out
there in the Bay State an even more optimistic outlook on the
future.
More Information: Boston Business
Journal