Senator Boncore led the Massachusetts Senate in its passage of the Housing Bond Bill – An act financing the production and preservation of housing for low and moderate income residents.
The bill is a result of a session-long negotiation that included Boncore, the chair of the Housing Committee, leadership in the Senate and the House.
This bill authorizes up to $1.8 billion in bonds for the rehabilitation, modernization and production of housing across Massachusetts. It also extends and expands critical tax credits dedicated to incentivizing the development and modernization of the State’s housing stock.
“Our affordable housing shortage has placed the Commonwealth’s financial health at risk. The Housing Bond bill is the first step toward ensuring Massachusetts develops enough affordable housing to support both its workforce and its economic future.” – Housing Committee Chairman Joseph Boncore
The current housing shortage has placed Massachusetts in the bottom tier of housing affordability and rents have risen to third highest in the nation.
“This bond bill will support the development of affordable housing for low and moderate-income residents across the Commonwealth. As long as one family remains unable to afford adequate housing, our communities suffer,” said Senate President Harriette L. Chandler.
Critical authorizations of the bill include:
- $600M for the modernization and redevelopment of the State’s public housing stock
- $400M for the development and preservation of affordable and mixed income housing
- $125M for the preservation and improvement of existing and expiring use affordable housing
- $100M for the preservation and development of workforce housing
- $65M for community based housing for individuals living with mental illness or disabilities
- $60M for home modification for elderly residents and those living with severe disabilities
- $50M to incentivize smart growth production and transit oriented developments
- $45M for the capital investments in early education and out of school programs for low income residents
The bill will now be reconciled with a version passed by the House of Representatives.