BOSTON, MA - The state will invest $1.275 billion into affordable housing programs over the next five years. It's the state's largest investment ever in housing and community development projects. The bond authorization was signed into law today by Gov. Deval Patrick. It was introduced by the governor last fall as part his $12 billion Capital Plan for higher education facilities, road and bridge repairs, transportation projects, housing and environmental protection.
"This bond bill was an important and collaborative effort with the state Legislature to devise a comprehensive plan to provide affordable housing in Massachusetts," said Patrick. "These are steps we need to take to keep our state a great place to live and work."
Patrick joined with state and local officials for the signing at an affordable housing complex in Allston named in memory of the late Boston City Councilor Brian J. Honan. Honan's brother, state Rep. Kevin G. Honan, co-chairman of the Joint Committee on Housing, said he was honored that the bill was signed in his district of Allston/Brighton and at the Honan complex.
"Affordable housing for our work force, families and the elderly remains a top priority for the commonwealth. This new funding means the creation and preservation of affordable and attainable housing throughout the state," said Honan, who leads the committee with state Sen. Susan C. Tucker.
The housing bond bill will help disabled residents to remain in their homes and in their communities, while generating new jobs and preserving affordable rental and homeownership opportunities for residents across Massachusetts, say officials.
"This housing bond bill will have a direct local benefit to cities and towns by helping create and expand affordable housing options for people throughout our commonwealth," said House Speaker Salvatore F. DiMasi.
The legislation will also address the backlog of deferred capital maintenance in public housing stock, with a priority on projects that protect the health and safety of residents and address structural deficiencies, expand private housing opportunities for seniors and working families, and promote community and economic development.
"This investment comes at a critical time for the commonwealth. As the housing market struggles and foreclosures continue to rise, this infusion of capital will keep housing available for the young, the elderly and people at all income levels," said Senate President Therese Murray.
Source: iberkshires.com