|FOR IMMEDIATE RELEASE:
June 9, 2005
HEALEY ANNOUNCES $75 MILLION FOR RENTAL HOUSING DEVELOPMENT
HAVERHILL – Lieutenant Governor Kerry Healey today announced that $75 million in state and federal tax credits, grants and loans will be awarded to fund new rental developments in 12 communities across the Commonwealth.
The housing initiative will create 820 new apartments and 665 of those units will be affordable to low- and moderate-income individuals and families.
Healey lauded the new project at the historic downtown Haverhill factory building which will be renovated and transformed into 146 mixed-income apartments utilizing approximately $17.6 million of those funds.
“Haverhill is an example of the Romney Administration’s goal to increase the state’s housing supply through smart growth development,” said Healey. “Targeting new housing starts near public transit centers and in areas within walking distance of shopping, employment and entertainment is an innovative approach to developing city regions in Massachusetts.”
Approximately $62.7 million of the new funds will be generated through private investment in exchange for five years of state low-income housing tax credits and ten years of tax credits from the federal government. The remaining $13.3 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 provides funds to non-profit and for-profit developers who produce housing for income-eligible seniors, families, individuals and special needs residents throughout the state.
In addition to the Haverhill project, 15 rental developments will receive funding in the cities of Attleboro, Boston, Chelsea, Easthampton, New Bedford, Somerville, and Springfield and the towns of Chatham, Framingham, Salisbury, and Stoughton.
“This is great news for the City of Haverhill,” commented Haverhill Mayor James J. Fiorentini. “I want to thank the entire Romney Administration for its support of this project. We appreciate the commitment that the state has made to help us as we continue to revitalize the downtown area of our great city. This project is consistent with the state's plans for transit oriented development and the reuse of factory buildings and it is one that will continue the renaissance that is occurring in our downtown.”
“By utilizing various financial resources from the public sector to leverage private investment, we can support these important housing developments throughout the state,” said DHCD Director Jane Wallis Gumble. “These various state and federal programs, along with our close working relationship with state quasi-public housing agencies allows us to serve our core mission of serving the needs of low- and moderate income families.”