BOSTON – Senator Michael O. Moore (D-Millbury) announced that the Senate voted to pass an omnibus housing bond bill to enhance the preservation and production of the Commonwealth’s affordable housing stock. The final provisions of the bill are the result of months-long collaboration among policymakers and a variety of stakeholders.
“This legislation takes an important step forward to preserve our existing housing options, and to support the growth of affordable housing in our communities,” said Senator Moore. “This bill will not only help ensure families in the Commonwealth can have a place to call home, but will also spur local economic development and the revitalization of neighborhoods.”
The housing bond bill authorizes $1.8 billion in investments to support the preservation and production of affordable housing across the Commonwealth. Critical authorizations include:
• $600M for the modernization and redevelopment of the State’s public housing stock;
• $400M for the development and preservation of affordable and mixed income housing;
• $125M for the preservation and improvement of existing and expiring use affordable housing;
• $100M for the preservation and development of workforce housing;
• $65M for community based housing for individuals living with mental illness or disabilities;
• $60M for home modification for elderly residents and those living with severe disabilities
• $50M to incentivize smart growth production and transit oriented developments;
• $45M for the capital investments in early education and out of school programs for low income residents.
The bill also extends and expands critical tax credits dedicated to incentivizing the development and modernization of the Commonwealth’s housing stock.
The legislation will now be reconciled with a version passed by the House of Representatives earlier this year. To continue tracking the bill, S.2368, please visit the Legislature’s website, www.malegislature.gov.