Governor Baker Announces Five Year $1.1 Billion Investment in Housing Production and Preservation for Working Families - May 16, 2016

Upcoming capital budget includes 18% increase for housing opportunities for mixed incomes, homeless and middle-income families, individuals with disabilities, seniors

BOSTON -- Governor Charlie Baker announced today that the Baker-Polito Administration’s upcoming five-year capital budget will devote $1.1 billion to affordable and workforce housing development and preservation. The funding will maintain support for existing programs for high-needs populations, increase support for local public housing communities and finance new initiatives to preserve at-risk affordable housing and boost mixed-income housing production across Massachusetts.

Housing Investments in the Administration’s Fiscal Year 2017-2021 Capital Plan:

• $50 million in new funding to preserve privately-owned affordable housing units with expiring affordability restrictions, to be matched with $50 million in new preservation funds from MassHousing;
• $25 million in new funding for the development of supportive housing for homeless families and individuals with disabilities;
• $34 million in new funding to advance mixed-income housing development;
• $25.5 million in new funding to accelerate the preservation and redevelopment of local public housing communities through public-private partnerships;
• $14 million in new funding to local affordable housing funds, and advance small-scale affordable housing development in communities;
• $12 million in additional capacity for capital projects at state-supported public housing communities.

The increased capital support for housing and community development is in addition to a new $100 million workforce housing development fund established at MassHousing, the state’s quasi-public housing finance agency. Governor Baker and MassHousing Executive Director Tim Sullivan announced the $100 million workforce housing development fund in Lynn last week to support the creation of 1,000 new units of moderately-priced housing.

Click here to read the full press release.