Affordable Housing Funding Announcement Text Size
Baker-Polito Administration Announces $35 Million to Support Affordable Housing Development
Funding and state and federal tax credits will support creation of more than 500 rental units in Massachusetts, including 348 affordable units
HOLYOKE, MA – December 19, 2017 – Today, the Baker-Polito Administration announced more than $20 million in subsidy funds, and allocated more than $15 million in State and Federal Low Income Housing Tax Credits (LIHTC) to support six new affordable housing projects in Massachusetts. The projects represents 511 new rental units, including 348 affordable units, with 55 reserved for extremely low-income residents, and families transitioning out of homelessness. Since 2015 the Baker-Polito Administration has provided direct funding to create and preserve over 5,700 units of affordable housing across Massachusetts.
“Providing safe, affordable and quality housing to residents and families is a priority for our administration, and today’s announcement builds on our goal of creating 135,000 new housing units by 2025,” said Governor Charlie Baker. “A second round of affordable rental housing awards this year helps ensure a strong pipeline of new, mixed-income construction across the Commonwealth.”
The administration is awarding more than $20 million in housing subsidy funds, and more than $15 million in State and Federal LIHTC, which will generate approximately $77 million in equity to support these projects. Each awarded project leverages substantial local funding commitments, including Community Preservation Act funds and municipal contributions.
“Today’s announcement supports six mixed-income housing opportunities from across the Commonwealth that have received significant community support,” said Lt. Governor Karyn Polito. “We look forward to working with our partners in the legislature and local leaders to help ensure our diverse population has access to the housing they need.”
“Access to housing that is affordable to residents across the income spectrum is critical to the success of the cities and towns that make up our Commonwealth,” said Housing and Community Development Undersecretary Chrystal Kornegay. “The projects awarded today are the result of strong collaboration between municipal leaders, developers and communities committed to providing more housing options to our residents and families in Massachusetts.”
“Library Commons is an exciting project for Holyoke – the housing delivered is a product of hard work by developers, and cooperation between state and local government,” said Holyoke Mayor Alex Morse. “I look forward to continuing to work with the Baker-Polito Administration to build new housing, improve the community, and make Holyoke a better place to live and work.”
“I thank the Baker-Polito Administration for their ongoing support of community efforts to provide affordable housing in Western Massachusetts,” said Senator Don Humason. “This funding will assist the City of Holyoke’s continued economic development and revitalization.”
“We are thankful for the state support for this project here in Holyoke and across the Commonwealth,” said Representative Aaron Vega. “Without the state support and tax credits, projects like this cannot happen, and it’s projects like this that help our seniors, our working families and young people trying to build their lives here.”
This award round builds on the Baker-Polito Administration’s commitment to increasing housing production across Massachusetts. Earlier this month, Governor Baker announced a new, ambitious Housing Choice Initiative to create 135,000 new housing units by 2025. In April, Governor Baker filed a housing bond bill seeking $1.287 billion in additional capital authorization to advance the administration’s commitment to affordable housing and we have increased funding for affordable housing by 19% and is on course to invest $1.1 billion over five years in affordable housing.
The highly effective MassWorks Infrastructure Program continues to be a key catalyst for housing production, supporting the creation of more than 3,000 housing units. The Open for Business Initiative will drive the production of more than 2,200 units of housing on state land. MassHousing’s $100 million Workforce Housing Initiative has advanced the development of 1809 housing units across a range of incomes, including 510 workforce housing units. And, through An Act Relative to Job Creation and Workforce Development, the administration reformed the Housing Development Incentive Program, which is on track to facilitate 630 new units in Gateway Cities, and renewed our commitment to the 40R Smart Growth Zoning Program.
Affordable Rental Housing Awards:
North Square at the Mill District, Amherst is a 130-unit new construction mixed-income project for families sponsored by Beacon Communities. The Department of Housing and Community Development (DHCD) will support the project with federal and state Low Income Housing Tax Credits and subsidy funds. The Town of Amherst will support the project with Community Preservation Act (CPA) funds as well as a tax agreement. The completed project will offer 26 affordable rental units, including eight units restricted for families earning less than 30% of Area Median Income (AMI). The North Square project also will feature 104 mixed-income units in a rental market that is highly-stressed by the thousands of students living in Amherst and nearby communities.
Concord Highlands, Cambridge is a 98-unit new construction mixed-income project for families. The sponsor is the non-profit Homeowners Rehab, Inc. DHCD will support the project with federal and state Low Income Housing Tax Credits and subsidy funds. The City of Cambridge will support the project with more than $11 million in city housing funds. The completed project will offer 81 affordable units, including 10 units restricted for families earning less than 30% of AMI. Thirty eight units at Concord Highlands will be available at workforce rental rates. The project will be built within walking distance of Fresh Pond and the Alewife Station on the MBTA’s Red Line.
Campbell-Purcell, Eastham is a 65-unit new construction mixed-income project for families. The sponsor is Penrose Properties. DHCD will support the project with federal and state Low Income Housing Tax Credits and subsidy funds. The Town of Eastham will provide more than $700,000 in CPA funds to support the project. When completed, Campbell-Purcell will offer 50 affordable rental units, with 11 units restricted for families earning less than 30% of AMI. The project also will offer 15 units at workforce rental rates.
Library Commons, Holyoke is a 47-unit new construction and rehabilitation project for families. DHCD will support the project with federal and state Low Income Housing Tax Credits and subsidy funds. The City of Holyoke also will support the project with its own housing funds. When completed, Library Commons will offer 39 affordable rental units, including 12 units restricted for families earning less than 30% of AMI. The completed project also will offer eight units available at market rental rates. Library Commons is a scattered site project that will help revitalize a neighborhood near downtown Holyoke.
Van Brodie I and II, Lawrence is a two-phase project that will result in 102 total rental units. The sponsor is Trinity Financial. DHCD will support the project with federal and state Low Income Housing Tax Credits and subsidy funds. The sponsor and the City of Lawrence together will provide additional funds to the project and to three deteriorated multi-family buildings located near the project. When completed, Van Brodie I and II will offer 83 affordable rental units, including seven units restricted for families earning less than 30% of AMI. Nineteen units in the completed project will be made available at workforce rental rates.
Yarmouth Green, Yarmouth is a 69-unit new construction project. The sponsor is Dakota Properties. DHCD will support the project with federal and state Low Income Housing Tax Credits and subsidy funds. The Town of Yarmouth will support the project with over $2 million in Community Preservation Act funds. When completed, Yarmouth Green will offer 69 affordable units, including seven units restricted for families earning less than 30% of AMI.
Press Release: Commonwealth of Massachusetts, Executive Office of Housing and Economic Development
Posted on December 19, 2017 by cityadmin