Three Massachusetts housing initiatives will receive more than $6.2 million in grants, loans and interest-rate subsidies through The Federal Home Loan Bank of Boston’s Affordable Housing Program (AHP).
These funds will be used to finance 139 units of affordable rental housing for households earning at or below 80 percent of area median income, according to a statement. AHP funds are used to create or preserve affordable housing and help pay construction, acquisition or rehabilitation costs. Member financial institutions work with local developers to apply for AHP funding, which is awarded through a competitive scoring process.
"The need for safe, decent affordable housing remains critical in these challenging times," said Edward A. Hjerpe III, the bank’s president and CEO. "Beyond increasing the supply of housing, these funds will help create jobs and stimulate economic development in the commonwealth."
Congressman Mike Capuano added, "These funds will help redevelop key sites in Dorchester to create affordable housing for low income families. Residents will also have access to youth programming, after school activities and GED classes. These housing developments are important additions to the community."
The application deadline for next year’s AHP awards is Sept. 30.
The following initiatives will receive funding:
- St. Kevin’s Redevelopment in Boston: $795,339 grant and subsidy, $3.5 million advance
- Quincy Heights 2 in Boston: $486,120 grant and subsidy, $750,000 advance
- Community Green SPO Units in Sandwich: $436,306 grant and subsidy, $240,500 advance
