Transportation, housing, climate projects could benefit from up to $17.5 billion in investment
BOSTON (9/19/2024) — Today, the Massachusetts Legislature passed a bill that will allow the Commonwealth to more effectively compete for federal funding that could be invested in transformative projects related to transportation, housing, climate, economic development, and technology.
S.2954, An Act to provide for competitiveness and infrastructure investment in Massachusetts, takes advantage of the interest accrued from the Commonwealth’s Stabilization Fund and leverages that interest to ensure the state receives the maximum possible share of federal funds. The Commonwealth’s Stabilization Fund has an all-time high balance of over $8 billion. It is currently estimated that Massachusetts could receive up to $17.5 billion through historic, once-in-a-generation federal funding opportunities.
“This legislation allows our Commonwealth to draw down a significant amount of federal funding, supplementing projects in every corner of our state, simply through using interest generated from our stabilization fund,” said Senator Cindy F. Friedman (D-Arlington), Vice Chair of the Senate Committee on Ways and Means. “Unlocking this tool will provide extra funds for the state and our municipalities, reducing the amount needed to be funded by taxpayers. This innovative approach will ensure that Massachusetts can take full advantage of the federal grant opportunities that allow us to stay competitive and invest in our future.”
The initiative requires the Comptroller to transfer interest from the Stabilization Fund to the Commonwealth Federal Matching and Debt Reduction Fund on a quarterly basis if the stabilization balance reaches certain benchmarks.… Read more.