Massachusetts truly is fortunate that elected leaders consistently demonstrate their support for building affordable housing. We received yet more evidence of this bicameral and bipartisan support on February 4th, when Governor Charlie Baker and Lt. Governor Karyn Polito announced $44 million in new funding awards for affordable housing projects across the Commonwealth.
The Governor and Lt. Governor were joined by Housing and Economic Development Secretary Michael Kennealy, Boston Mayor Martin J. Walsh, State Senator Joe Boncore, State Representative Adrian Madaro, Acting DHCD Undersecretary Jennifer Maddox, and other state and municipal officials to highlight the 11 new projects – which will result in 587 new units of housing – that will receive support from the state. The Department of Housing and Community Development (DHCD) awarded $44.7 million in direct capital funding and allocated $16 million in State and Federal Low Income Housing Tax Credits (LIHTC).
“Our administration continues to make substantial commitments to increase the development of new affordable housing in an effort to meet the need we see in every region,” said Governor Charlie Baker in a press release. “We have invested more than $1 billion in the affordable housing ecosystem, created new programs to encourage development, and filed legislation to update zoning laws to promote equity and opportunity for all residents. Today’s awards will advance the production of hundreds of new rental units for families, seniors, and households transitioning out of homelessness.”
Among the 11 projects that secured funding awards, CEDAC provided a total of $4.5 million in early stage financing to four of these. These include:
- Bartlett Station Building A in Boston. CEDAC has committed $600,000 in predevelopment financing to Nuestra Comunidad Development Corporation for this 60-unit new construction project, which is the second phase of an equitable transit-oriented development in Roxbury.
- 191-195 Bowdoin Street in Boston. CEDAC offered more than $918,000 in predevelopment and acquisition financing to VietAID for this development, which will bring 41 new units to Boston’s Dorchester neighborhood.
- Essex Street in Lawrence. Greater Lawrence Community Action Council, Inc. obtained more than $1,030,000 in predevelopment and acquisition funds for this rehabilitation and new construction project, which will offer 39 affordable units downtown.
- North Commons at Village Hill. The Community Builders received just under $2 million in predevelopment and acquisition resources for this project, which will bring an additional 53 units to this site on the campus of the former Northampton State Hospital.
All four of these projects include units designated for households with incomes below 30% of area median income (AMI), including formerly homeless households.
The commitment by the Commonwealth’s leaders to address the shortage of affordable housing for low- and extremely low-income households is truly commendable. Both the Baker-Polito administration and the legislature have shown that they are willing to put real resources behind these projects, which are located in many communities in need. CEDAC is proud to offer both financing and technical assistance to our committed and effective non-profit partners across the state, and look forward to working with these partners to move these projects to the construction phase.