Gov. Deval Patrick today said the state will distribute $45.5 million in federal recovery funds to eight delayed affordable housing developments throughout Massachusetts.
The state says the money will also create hundreds of jobs.
The eight affordable housing developments are in Beverly, Boston, Framingham, Greenfield, Holliston and Springfield. They have been stalled due to the lack of equity available in the low-income housing tax credit market, according to a press release from the governor’s office.
The projects will receive funds from the American Recovery and Reinvestment Act (ARRA) to fill the gaps in tax credit projects "that were unable to raise sufficient equity to finance substantial project development costs."
"These funds will help to continue strengthening the commonwealth’s regional economies by putting people back to work and getting affordable housing projects back on track," said Patrick in the press release.





