Gov. Baker, Housing and Economic Development Secretary Jay Ash, Health and Human Services Secretary Marylou Sudders, and Undersecretary of Housing and Community Development Chrystal Kornegay made the housing funding announcement on Monday at 48 Boylston St. in Boston, a historic rehabilitation project for formerly homeless residents sponsored by St. Francis House and the Archdiocese of Boston's Planning Office for Urban Affairs.

One of the projects receiving assistance, 48 Boylston St., when completed, will offer 46 single rooms and small units intended to serve homeless individuals earning less than 60% of the annual median income, with 26 units reserved for individuals earning less than 30% of AMI.

The largest development project to secure funding is the Maple Commons Apartments is a preservation project located in Springfield and sponsored by First Resource Companies. Maple Commons will offer 173 fully rehabilitated affordable housing units, with 18 units reserved for households earning less than 30% of AMI.

This past May, Gov. Baker proposed a five-year capital budget plan that includes a $1.1-billion commitment to increasing housing production, an 18 percent funding increase for mixed-income housing production, and affordable housing preservation. That same month, the Baker administration and MassHousing committed $100 million to support the construction of 1,000 new workforce housing units.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

Massachusetts

BOSTON—Massachusetts Gov. Charlie Baker reports that 26 housing projects across Massachusetts will receive $90 million in subsidies and low income tax credits.

The funds will help finance development, renovation or preservation projects at the affordable housing communities. The funding will create or preserve 1,420 rental units, including 1,334 affordable units, across 16 communities. The Department of Housing and Community Development is awarding more than $31 million in state and federal low-income housing tax credits. Those credits are projected to generate more than $218 million in equity for the projects.

Additionally, Gov. Baker said his administration is awarding more than $59 million in housing subsidy funds, including federal HOME funds and state capital funds, across all the 26 projects. Four awarded projects are senior housing communities, five will provide supportive services to residents and all 26 will include “deeply affordable” units. The Baker-Polito administration prioritized applications that included a 10% allotment for individuals and families who are, or are at risk of becoming, homeless.

“These affordable housing awards reflect our administration's commitment to a stronger, more prosperous, and more inclusive Commonwealth,” Gov. Baker said. “By increasing affordable housing production, and stabilizing working families, low-income senior citizens and homeless families or those at risk, these housing awards will strengthen communities across Massachusetts.”

Gov. Baker, Housing and Economic Development Secretary Jay Ash, Health and Human Services Secretary Marylou Sudders, and Undersecretary of Housing and Community Development Chrystal Kornegay made the housing funding announcement on Monday at 48 Boylston St. in Boston, a historic rehabilitation project for formerly homeless residents sponsored by St. Francis House and the Archdiocese of Boston's Planning Office for Urban Affairs.

One of the projects receiving assistance, 48 Boylston St., when completed, will offer 46 single rooms and small units intended to serve homeless individuals earning less than 60% of the annual median income, with 26 units reserved for individuals earning less than 30% of AMI.

The largest development project to secure funding is the Maple Commons Apartments is a preservation project located in Springfield and sponsored by First Resource Companies. Maple Commons will offer 173 fully rehabilitated affordable housing units, with 18 units reserved for households earning less than 30% of AMI.

This past May, Gov. Baker proposed a five-year capital budget plan that includes a $1.1-billion commitment to increasing housing production, an 18 percent funding increase for mixed-income housing production, and affordable housing preservation. That same month, the Baker administration and MassHousing committed $100 million to support the construction of 1,000 new workforce housing units.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.