The state will invest $153.9 million to create or preserve 1,305 rental units, including 1,147 for low- and moderate-income people, in 17 communities.
The resources will come from various affordable housing programs, American Recovery and Reinvestment Act funds and private investment to support 26 projects.
The Patrick administration said more than $131.4 million will be used to produce 1,050 rental units – 926 of which will be affordable for low- and moderate-income households. Gov. Deval Patrick and Lt. Gov. Timothy Murray made the announcement Friday in New Bedford.
Funding commitments include $11.3 million in federal low-income housing tax credits and another $4.7 million in state tax credits, which will be sold to private investors to leverage an estimated $95 million in project financing.
Another $27.6 million will be issued from seven state bond-funded affordable housing programs as well as $7.6 million in federal HOME funds and another $1.2 million in federal weatherization funds.
All of those programs are administered by the state Department of Housing and Community Development (DHCD) to assist developers who produce housing for low- and moderate-income seniors, families, individuals and special needs residents across the state.
The remaining $22.5 million comes from American Recovery and Reinvestment Act funds from the U.S. Treasury Department to jump start affordable housing developments in New Bedford, Ipswich and Gloucester which received prior tax credits allocations, but have been stalled due to the lack of equity available in the tax credit market.
When completed, those three projects will produce another 255 new rental units, with 221 of them affordable to low- and moderate-income wage earners. Those three projects are expected to generate more than 360 jobs, according to administration officials.
Funding will support developments in: Acton, Auburn, Beverly, Boston (seven projects), Fall River, Falmouth, Gloucester, Ipswich, Harvard, Lawrence, Lowell (two projects), Marion, New Bedford (two projects) Northampton (two projects), Quincy, Spencer and Worcester.
To see a complete list of the projects click here.
