Legislature Sends Housing Bond Bill to Governor

 State Representative Cory Atkins joined her colleagues in the Legislature to pass final legislation authorizing $1.4 billion in capital spending over the next five years to fund the production and preservation of affordable housing in the Commonwealth.

 “Providing safe and secure housing is a crucial step to helping families achieve economic stability,” said Atkins.  “This housing bond bill will help to improve our economy by addressing one of the most basic needs of our citizens.”

 This is the first long-term housing finance bill to come before the Legislature since 2008.  It includes $500 million for the rehabilitation and modernization of state-assisted public housing.

 The legislation establishes the Early Education and Out of School Time Capital Fund to provide grants to non-profit childcare organizations for capital improvements to their facilities. Eligible providers must reserve at least 25 percent of their childcare slots for families receiving a public subsidy.

 This plan also allows for development projects within a half-mile of a mass transit hub to be eligible for funding by expanding the definition of transit-oriented development in the MassWorks Infrastructure Program.

 The bill also includes:

 ·   $55 million for a home modification program for blind and severely disabled homeowners;

 ·   $47 million for a loan program to provide community-based or supportive housing for individuals with mental illness or intellectual disabilities;

 ·   $38 million for a loan program for community-based or supportive housing for individuals with disabilities who are institutionalized or at risk of being institutionalized;

 ·   $305 million for the Affordable Housing Trust Fund to create and preserve affordable housing for households at or under 110 percent of the area median income;

 ·   $135 million for the Housing Stabilization and Investment Trust Fund for acquisition, preservation and rehabilitation of affordable housing;

 ·   $50 million for a five-year grant program within the Department of Housing and Community Development to test cost-effective revitalization methods for family and elderly-disabled public housing;

 ·   $80 million for the Housing Innovations Trust Fund to support innovative and alternative forms of housing;

 ·   $100 million for the Capital Improvement and Preservation Trust Fund to purchase housing whose affordability restrictions have expired or are expiring;

 ·   $45 million to develop residential housing and mixed-use and transit-oriented developments; and,

 ·   $45 million for the Early Education and Out of School Time Capital Fund.

 In addition, the bill requires the Department of Housing and Community Development to file an annual capital plan with the Legislature.

 The final bill now goes to the Governor for his signature.