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08-25-2003

Page history last edited by PBworks 17 years, 4 months ago

August 25, 2003

ROMNEY ANNOUNCES $17.6 MILLION TO CREATE MORE HOUSING

Tax credits, grants and low-interest loans to produce over 548 rental apartments

 

Governor Mitt Romney today announced $17.6 million in tax credits and grants to construct nearly 550 new rental apartments in Lowell, Walpole and Mattapan.

 

“This financial commitment represents an important blend of public resources which will leverage millions of private dollars and help ease the state’s current housing supply shortage,” said Romney. “In doing so, it will also serve as an investment in the future of our economic well being by making Massachusetts an attractive state in which to work and live.”

 

Approximately $14.8 million of the funds will be leveraged through private investment in exchange for $5.9 million in state low-income housing tax credits over each of the next five years. Two million dollars will be awarded from the state’s Affordable Housing Trust Fund and $750,000 will come from the state Department of Housing and Community Development’s (DHCD) Housing Stabilization Fund. These programs are all designed to encourage developers to produce housing for income eligible seniors, families, individuals and special needs residents across the state.

 

Mattapan Heights II project developer Trinity Financial will receive $1 million in trust funds as well as $2.7 million in state tax credits to continue its ongoing redevelopment of the former Boston Specialty and Rehabilitation Hospital on River Street in Mattapan. This phase of the project involves the rebuilding of five historic structures that will result in 94 new apartments, 71 of which will be reserved for low- and moderate-income families.

 

Winn Development will construct the Boott Mills Apartments in Lowell in an historic mill building with the help of $1.26 million in state tax credits and a $750,000 grant from the Housing Stabilization Fund (HSF). When completed, the project will consist of 123 market rate apartments and 31 affordable ones.

 

The Gatehouse Group will build The Preserve development in Walpole on a vacant 20-acre parcel with $1 million in trust funds and $1.98 million in state tax credits resulting in 150 market rate apartments and 150 for low-and moderate-income families.

 

“Just two months ago, the Governor committed nearly $75 million in various state resources to construct over 1,600 new units of housing across the Commonwealth,” said DHCD Director Jane Wallis Gumble. “These new awards will go a long way in helping us to further increase the state’s housing supply.”

 

All three developments have already received more than $60 million in project financing from the quasi-public agency, MassHousing, the state’s affordable housing bank.

 

Trust fund awards are targeted for projects that create or preserve housing throughout the state for households that do not exceed 110 percent of the area median income as defined by the federal government. DHCD oversees the trust program and MassHousing administers the funds.

 

Since 2001, more than $40 million has been awarded from the fund to create or preserve 2,649 housing units, 2,170 of which are affordable to low- and moderate-income residents. Another $10 million has been awarded to modernize a number of state-owned public housing developments across Massachusetts.

 

“The Commonwealth continues to finance and subsidize different types of high-quality housing that are appropriate for host communities,” said MassHousing Executive Director Thomas R. Gleason. “The projects receiving funding today include old industrial buildings in urban areas that will be rehabilitated as well as new housing in our suburbs that protects and enhances conservation land.”


Tags: Housing, Smart Growth, Affordable Housing

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