HOUSE TAKES ACTION TO FINANCE THE PRODUCTION AND PRESERVATION OF AFFORDABLE HOUSING
FOR IMMEDIATE RELEASE
Contact: State Representative Natalie Higgins, Natalie.Higgins@mahouse.gov
January 26, 2018
House Takes Action to Finance the Production and Preservation of Affordable Housing
(BOSTON) – Representative Natalie HIggins joined her colleagues in the House to pass a $1.7 billion housing bond bill to support low and moderate income housing throughout the Commonwealth. The legislation recapitalizes funding for a variety of programs and extends several housing and economic development tax credits.
“With the passage of this bond bill, we renew our commitment to affordable housing,” said House Speaker Robert A. DeLeo. “I thank Chairs Sánchez, Honan and Cabral and my colleagues in the House for backing a bill that supports many proven programs. I’m particularly proud of the provisions that support housing for those with disabilities and improve facilities used for early education.”
“Successful housing finance is a patchwork of state programs, grants, and partnerships,” said Representative Jeffrey Sánchez, House Chair of the Joint Committee on Ways & Means. “Our bill ensures that the state is able to hold up its end of the deal. But beyond the numbers and spreadsheets, these programs help ensure people can have a place to call home.”
“This bond bill will authorize $1.7 billion dollars over the next five years for the production and preservation of affordable housing, smart growth development, and much needed public housing capital improvements,” said Representative Kevin Honan, House Chair of the Joint Committee on Housing. “These are critical investments at a time where our dependence on federal funding is uncertain. Housing is the cornerstone of our society and our economy and the provisions of this bill are the tried and true affordable housing tools that are at our disposal.
“Housing prices are climbing and affordable housing options are dwindling throughout the Commonwealth. We must make timely investments and address the issue head-on, especially for our most vulnerable population,” said Representative Antonio F.D. Cabral, House Chair of the Joint Committee on Bonding, Capital Expenditures and State Assets. “This legislation is a smart step that will ensure the sustainability of our state’s affordable housing stock.”
This legislation prioritizes numerous programs that support vulnerable residents including:
The bill also gives DHCD the option to purchase certain housing units designed for community-based DMH housing at appraised value, to preserve affordable housing, within 120 days of the authorization of affordable restrictions.
This bill continues the House’s 2013 landmark creation of the Early Education and Out of School Time Capital Fund, furthering its commitment to high quality early education and care programming. This $45 million reauthorization provides facility improvement grants for early education and out of school time programs serving low income children.
The legislation authorizes $400 million for the Affordable Housing Trust Fund. This program provides flexible funding to create and preserve affordable housing, ranging from transitional homes for homeless to homeownership programs. It also authorizes $600 million for Public Housing Renovation to help modernize and rehabilitate public housing including updates like the abatement of lead.
Other programs include:
The bill features numerous tax credits designed to incentivize building, development and investment for a range of projects. Credits include:
The bill now goes to the Senate.
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