Massachusetts preserved more than 6,000 units of affordable rental housing in 2016, according to a statement released yesterday by the Community Economic Development Assistance Corporation (CEDAC), the public-private, community development finance agency.

It is the largest number of units preserved for affordable housing using state resources in a single calendar year since CEDAC began collecting data. The previous record was nearly 4,400 units, set in 2015.

CEDAC concludes that 7,054 total units in 46 mixed-income project developments across the state were preserved using various types of state financing in 2016. From the total, 6,058 units were affordable and the remainder were market rate. In addition to the units maintained through state financing programs, long-term federal Section 8 contract renewals preserved 2,002 additional affordable apartments. The projects span the state and consist of large- and small-scale developments in urban, suburban and rural communities, including Barnstable, Boston, Brookline, Fall River, Framingham, New Bedford, Springfield and Worcester.

“I am thrilled that Massachusetts has set another record for affordable housing preservation,” Bill Brauner, CEDAC’s director of housing preservation and policy, said in a statement. “Preservation is a critical part of the affordable housing equation and the state has maintained its commitment to preserving these properties for families and individuals. The fact that more than 6,000 units were preserved demonstrates that the innovative tools the state put in place are effective.”

Massachusetts Sets Record In Affordable Housing Preservation

by Banker & Tradesman time to read: 1 min
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