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