Baker Announces $100 Million MassHousing Fund Aimed at Workforce Housing
Thursday, May 12, 2016
“Making more affordable housing options available to working Massachusetts families deterred by rising rent expenses is essential to economic growth and development in communities throughout the Commonwealth. These working middle-income families are the foundation of our economy and talented workforce, and the creation of this $100 million fund by MassHousing will advance opportunities for them to thrive and prosper," said Baker.
Working with the Baker-Polito Administration, MassHousing is committing $100 million in new resources designated for the creation of workforce housing throughout the Commonwealth as well as their support for resources which will serve very low and low income households.
“MassHousing recognizes that many middle-income households are struggling with housing costs and the Agency felt it was important to create this fund for workforce housing. We are committed to working with Governor Baker to increase affordable housing opportunities for low-, moderate-, and middle-income residents of the Commonwealth,’’ said MassHousing Executive Director Timothy C. Sullivan.
Here are the highlights of the investment:
• Targets individuals and families with incomes of 61% to 120% of AMI.
• Provides up to $100,000 of subsidy per workforce housing unit to create 1,000 new units of workforce housing statewide.
• Leverages strategic opportunities to use state-owned land.
• Consists of newly constructed units or refinancing of a housing community where new units of workforce housing will be created.
• Remains consistent with development financing in MassHousing’s enabling statute ensuring that in addition to the workforce housing tier, at least 20% of the units in a financed development will be affordable to households at or below 80% of AMI.
• Ensures workforce housing units will be deed restricted as affordable to households with incomes between 61% and 120% AMI for an extended period of time, generally 30 years or longer.
"Opportunities for affordable housing are important to working families across the Commonwealth. This fund along with our efforts to leverage state property for housing creation and economic development, will provide more options for our communities to grow and families to succeed," Lt. Governor Polito said.
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts.
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