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Affordable Housing Funds Hit New England

BOSTON- The Federal Home Loan Bank of Boston is committing 10% of its net profits to provide grants and subsidized loans through AHP. New England is taking advantage.

By Ryan Clark | Updated on July 02, 2008

BOSTON-The Federal Home Loan Bank of Boston is committing 10% of its net profits to provide grants and subsidized, below market-rate, loans through American Housing Project. The allotted money was divided between needy areas in the New England, including Massachusetts, New Hampshire, Vermont and Maine.

Massachusetts is garnering the lion’s share with $9.3 million in grants, loans and rate subsidies that will affect 240 units throughout 13 cities. The money will create a variety of rental units such as 38-42 Upton St. in Boston, which will rehabilitate 37 units in row houses in the South End for low-income individuals. Thirty units will be for the formerly homeless and one set aside for a manager making between 51% and 60% of the area median income. Rehabilitation is the theme for 196 Federal St. in Greenfield, turning 10 units into two-year transitional housing for homeless at-risk youth, many of whom have aged-out of foster care. Other low-income redo projects are happening in Newton, Spencer, Turner Falls and Westfield. And North Bedford is acquiring and renovating a foreclosed three-family home into seven single-occupancy units.

The Bay state is also building more affordable housing in Roxbury, Ipswich, Lawrence, North Chelmsford, Northampton, and Turner Falls. Notably, Pittsfield is building the Berkshire Veterans’ Village, which will entail 39 units of housing specifically for homeless veterans. The community is also providing support services such as employment training, job placement and family self-sufficiency. Westfield is providing similar help with the construction of its Reed House Annex helping very-low income residents live in one-bedroom units, while offering GED classes, training and employment.

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