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05-14-2004a

Page history last edited by PBworks 17 years, 7 months ago

May 14, 2004

ROMNEY AWARDS $6.275 MILLION TO PRESERVE AFFORDABLE RENTS

Development funds to keep 1,202 apartments in Springfield and Boston affordable

 

SPRINGFIELD – Governor Mitt Romney today awarded $6.275 million to preserve affordable rents for more than 1,200 low- and moderate-income families living at six different properties in Springfield and Boston.

 

“We are working diligently to not only increase housing production all across Massachusetts, but to also target state resources to preserve the long-term affordability of existing apartments occupied by low- and moderate-income families,” said Romney. “Today’s awards will go a long way toward helping families in more than 1,200 apartments to stay in their homes.”

 

The awards will be administered from the state Department of Housing and Community Development’s (DHCD) Capital Improvement Preservation Fund (CIPF) program. CIPF grants are used to preserve housing in developments that were originally financed by the federal government in the 1970s. As the 25- and 30-year mortgages expire at those developments, owners have the option of converting the affordable rate units into market rate ones. These funds ensure that the homes remain affordable for the next 40 years.

 

“The CIPF program is just one of many financial resources we offer on the state level to create – and in this case – to preserve affordable housing for low- and moderate-income families across the state,” said DHCD Director Jane Wallis Gumble.

 

Romney made the announcement at the Bay State Place Apartments in Springfield, where the Beacon Companies will receive $750,000 of those funds to renovate the 347-unit complex.

 

“On behalf of the Beacon Companies, I am extremely pleased and grateful to receive these funds from Governor Romney and the Department of Housing and Community Development,” said Howard Cohen, President of the Beacon Companies. “This new funding source will enable us to preserve Bay State Place’s affordability and allow us to undertake necessary renovations so that our residents and the Springfield community can continue to enjoy quality affordable housing.”

 

 

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