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Feb. 15, 2013

Massachusetts Commits to $67 Million for 23 Affordable Housing Developments Across the State

By Veronica Grecu, Associate Editor

Keeping up with the state’s efforts to support new housing developments, the Patrick-Murray administration revealed last week it has committed $67 million in affordable housing resources and tax credits that would back 23 developments in 21 communities across Massachusetts. The announcement was made by Secretary of Housing and Economic Development Greg Bialecki, who attended an official event held at 525 Beach Street in Revere, where a 30-unit affordable housing community will be built with the support of $2.2 million in state financing.

The $67 million investment—which consists of more than $9 million in federal low-income housing tax credits, $7.7 million in state low-income housing credits and $47.7 million in state and federal housing program subsidies—is estimated to create 1,326 new housing units and more than 1,700 construction jobs.

1,164 units will be affordable to low- and moderate-income individuals and families, with 298 units designed for extremely low-income families and individuals recovering from homelessness.

“Having good, affordable housing at every level is important to our continued economic recovery, as we work to make sure we maintain our strong, well-trained young workforce,” said Secretary Bialecki in the press statement.

The announced funding is handled by the Department of Housing and Community Development and will support projects in Boston, Barnstable, Cambridge, Brockton, Chelsea, Framingham, Holyoke, Easthampton, Mashpee, Marion, Watertown, Revere, Rockport, Northampton, Pittsfield, Webster, Springfield, Williamsburg and Chesterfield and Winthrop.

According to a market report by Marcus & Millichap, new residential construction in  the Boston Metro Area is expected to climb (at least over the next three years) thanks to higher rents and a vacancy decrease of 170 basis points in the last two years.

Chart courtesy of Marcus & Millichap