State awards $46-million for affordable housing development
Written by Amy Phillips, WWLP
BOSTON (WWLP) – The Massachusetts Executive Office of Housing and Economic Development (EOHED) on Tuesday announced the latest affordable housing awards.
The investment will provide funding for 12 shovel-ready projects in eight communities across the state. This will bring 572 new housing units to Massachusetts, including 507 affordable units, with 108 reserved for low-income households.
The Department of Housing and Community Development (DHCD) is providing $46.1 million in direct subsidies, and awarding 73 project-based Massachusetts Rental Voucher Program vouchers and 67 project-based federal Housing Choice vouchers, in order to ensure new housing units remain affordable for the long-term. Additionally, DHCD is allocating $4.8 million in state housing tax credits and $10.9 million in federal housing tax credits, which will create approximately $125 million in equity.
In October, the administration announced the largest ever annual affordable housing awards, which will create and preserve 2,400 housing units, with more than 90 percent of units affordable to households making less than 60 percent of Area Median Income (AMI).
“This public health crisis has exposed how vulnerable our working and low-income families are, and ensuring stable housing is vital. As we continue to expand our Eviction Diversion Initiative, keeping a healthy pipeline of new affordable developments is a critical investment in our future,” said Housing and Community Development Undersecretary Maddox. “We are proud to see affordable housing development continue to move forward throughout the last year, and our dedicated team at DHCD has ensured that projects are on track to bring new housing units online.”
Great Barrington is the only western Massachusetts community receiving funding in this round of awards. The 49-unit new construction project in Great Barrington is 910 Main Street.
The sponsor is the non-profit Community Development Corporation of South Berkshire, working with the non-profit Way Finders of Springfield. DHCD will support the project with federal and state low-income housing tax credits and subsidy funds.
The town of Great Barrington also will support the project with local funds. When completed, there will be 49 units reserved for families earning less than 60 percent of AMI, with 15 units further reserved for families earning less than 30 percent of AMI, including families making the transition from homelessness.