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Governor Launches $100M Program for New Housing

BOSTON-Gov. Mitt Romney initiates a $100-million program to help finance construction of up to 5,000 new housing units. Called the Priority Development Fund, the program is expected to help create housing over the next three years.

By Naomi Grossman | Updated on January 28, 2004

BOSTON-Following through on a pledge to double housing starts by the end of his term, Gov. Mitt Romney launched a $100-million program to help finance the construction of new housing in the state. “We are on a mission to double housing starts in Massachusetts and this is one approach to help get us there without spending new taxpayer dollars,” he says. He anticipates that the program, called the Priority Development Fund, will help create up to 5,000 units of housing over the next three years and will leverage as much as $1 billion in additional financial resources.

Of the $100-million figure, $75 million will be set aside for the construction of new mixed-income housing developments where at least 20% of the units will be affordable. Another $22 million is earmarked for mixed-income housing development specifically around transit nodes. The remaining $3 million will go for planning assistance for communities to craft affordable housing plans that conform to the Romney administration’s “smart growth” policies.

Both for-profit and non-profit housing developers will be eligible to apply for the funds, which will be made available only to borrowers who receive first-mortgage financing from MassHousing.

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