|FOR IMMEDIATE RELEASE:
January 4, 2005
Beth Bresnahan (DHCD)
ROMNEY ANNOUNCES $45.3M FOR AFFORDABLE HOUSING
Funds will create and preserve 564 rental apartments statewide
In an effort to expand housing opportunities that better meet the growing needs of Massachusetts residents, Governor Mitt Romney today announced that more than $45.3 million in state resources will be used to create and preserve 564 new rental homes in 13 communities across the state.
Romney noted that of the 564 units developed, 551 will be affordable to low-and moderate-income individuals and families. The funds are being directed to 16 projects statewide, including four in Boston.
“In order to maintain the vibrancy of the Commonwealth’s cities and towns, it is essential that we make our neighborhoods more attractive to current and prospective residents,” said Romney. “These funds will provide people who live, work and play in our communities with homes that are not only affordable, but accessible to jobs, transportation and essential services.”
Approximately $31.5 million of the funds announced today will be generated through private investment in exchange for 10 years of state-administered federal low-income housing tax credits.
The remaining $13.8 million will be awarded from the state Department of Housing and Community Development’s (DHCD) Housing Stabilization Fund (HSF), Facilities Consolidation Fund (FCF), HOME program and the Housing Innovations Fund (HIF) as well as the Affordable Housing Trust Fund, which is jointly administered by DHCD and the quasi-public agency MassHousing. Each of the programs is designed to serve developers who produce housing for income-eligible seniors, families, individuals and special needs residents across the state.
Romney, who was joined by State Senator Steven Tolman and State Representative Kevin Honan, made the announcement at the Long Glen Properties in Boston’s Allston neighborhood.
The non-profit Allston-Brighton Community Development Corporation was awarded $550,000 in HOME, $500,000 in HIF, $500,00 in FCF and $500,000 in Affordable Housing Trust Funds as well as $770,000 in federal LIHTCs, which will generate nearly $6.2 million in investor equity over 10 years, to transform the 59 existing market-rate units at Long Glen into affordable apartments.
“We are always delighted to make these awards to support projects throughout the Commonwealth,” said DHCD Director Jane Wallis Gumble. “This blend of significant state and federal resources will help hundreds of low-and moderate-income households gain access to safe and decent rental housing.”