$1.7 billion bond bill also funds rehabilitation of public housing units
January 29th 2018 BOSTON – State Representative David K. Muradian, Jr. (R-Grafton), is supporting a comprehensive housing bond bill that will provide $1.7 billion in additional capital authorization for the rehabilitation and modernization of public housing units across the state while also promoting more affordable housing opportunities for Massachusetts residents.
House Bill 4134, An Act financing the production and preservation of housing for low and moderate income residents, was approved by the House of Representatives on a vote of 150-1 on January 24. The bond bill reflects many of the same spending priorities that were included in legislation filed by Governor Charlie Baker last April.
In addition to providing $400 million in new capital authorization for the Affordable Housing Trust Fund to support private affordable housing development, the bond bill includes $150 million for the Housing Stabilization and Investment Trust Fund, along with $600 million to fund capital improvements across the entire affordable housing stock. It also provides $50 million in new capital authorization for the Public Housing Demonstration Program to encourage housing authorities to pursue innovative, market-driven strategies and leverage private resources.
“There is a critical need for affordable housing in Massachusetts,” said Representative Muradian. “I’m proud to support this housing bond bill, which builds on Governor Baker’s original proposal by making significant investments in preserving affordable housing and rehabilitating properties overseen by local housing authorities.”
The housing bond bill extends the Community Investment Tax Credit to 2025; extends the authorization of the Housing Development Incentive Tax credits, at $10 million per year, from 2019 to 2024; and provides for a five-year extension of the Brownfields Tax Credit, from 2018 to 2023. The bill also includes:
- $60 million in new capital authorizations for the Home Modification Loan Program for persons with disabilities;
- $65 million for the Facilities Consolidation Fund to finance community-based housing in rental developments for clients of the Department of Developmental Services and Department of Mental Health;
- $55 million in loans for community-based housing and supportive housing for persons with disabilities who are institutionalized or at risk of being institutionalized but are not eligible for housing developed through the Facilities Consolidation Fund;
- $100 million for the Housing Innovations Trust Fund to support innovative and alternative forms of rental housing for residents who need extensive support services;
- $125 million for the Capital Improvement and Preservation Trust Fund to help preserve affordable housing for which affordability restrictions would otherwise expire;
- $50 million for the Commercial Area Transit Node Housing Program, which supports the development of residential units and mixed used developments in neighborhood commercial areas; and
- $45 million for the Early Education and Out of School Time Capital Fund for the development of eligible facilities for early care and education and out of school programs.
The housing bond bill now moves to the Senate for further action.