Affordable Housing Projects Land Funding
Gov. Deval Patrick and Lt. Gov. Timothy Murray were in New Bedford Friday to announce that the state will invest $153.9 million to support 26 affordable rental housing projects in 17 communities across the state.
Of the 26 housing projects, five are located in Central Massachusetts. They are: Old High School Commons in Acton ($1,605,000), Kateri Tekakwitha Senior Housing in Auburn ($1,150,000), Bowers Brook Housing in Harvard ($1,981, 233), 204 Main Street in Spencer ($1,900,000) and 26-28 Dayton Street in Worcester ($725,000).
The projects will be funded through a combination of American Recovery and Reinvestment Act funds, affordable housing programs and private investment. The hope is that the funding will create or preserve 1,305 rental homes, 1,147 of which will be designated specifically for low- and moderate-income families and individuals. An additional 144 units will be set aside for families transitioning to permanent housing from homelessness.
"This is a great example of government and the private sector coming together to help get people back to work-here in New Bedford and around the commonwealth," Gov. Patrick said at the announcement. "With the indispensable help of the entire congressional delegation, we are creating jobs today and building affordable communities for working people tomorrow."
Of the $153.9 million, $22.5 million will come from ARRA funds and will be used to initiate affordable housing developments in New Bedford, Ipswich and Gloucester.
The remaining $131.4 million in funds will come from an estimate $95 million in private financing (which the administration hopes to raise through the sale of $11.3 million in federal, low-income housing tax credits and $4.7 million in state tax credits), $27.6 million from seven state bond-funded affordable housing programs, $7.6 million in federal HOME funds and $1.2 million in federal weatherization funds.
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