BOSTON – On March 29, Senator Cindy Friedman (D-Arlington) joined her Senate colleagues in passing S.2368, An Act financing the production and preservation of housing for low and moderate income residents, also referred to as the Housing Bond Bill. The bill is a result of a session-long collaboration between the Senate and House with a focus on preserving and producing the state’s affordable housing stock.
“Housing prices have increased dramatically in recent years, resulting in a housing crisis that has impacted many working families in my district and throughout the Commonwealth,” said Senator Friedman, member of the Joint Committee on Labor and Workforce Development. “By authorizing $1.8 billion in investments, we will be able to expand housing options for low and moderate-income residents and drive economic development in our communities.”
In spite of other strong economic indicators, Massachusetts is in desperate need to further develop affordable housing. The housing shortage has placed the state in the bottom tier of housing affordability and rents have risen to third highest in the nation.
The Housing Bond bill authorizes $1.8 billion in investments in the preservation and production of affordable housing across the Commonwealth. Critical authorizations include:
- $600 million for the modernization and redevelopment of the state’s public housing stock;
- $400 million for the development and preservation of affordable and mixed income housing;
- $125 million for the preservation and improvement of existing and expiring use affordable housing;
- $100 million for the preservation and development of workforce housing;
- $65 million for community based housing for individuals living with mental illness or disabilities;
- $60 million for home modification for elderly residents and those living with severe disabilities;
- $50 million to incentivize smart growth production and transit oriented developments; and
- $45 million 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 bill will now be reconciled with a version passed by the House of Representatives.
To continue tracking the bill, S.2368, please visit the Legislature’s website, www.malegislature.gov.