House Announces Passage of Housing Bond Bill

 

House Announces Passage of Housing Bond Bill

Provides Sustained Financing for Low and Moderate Income Housing

 (BOSTON) – State Representative James O’Day joined his colleagues in the Massachusetts House of Representatives Wednesday  in passing legislation to preserve and produce affordable housing throughout the Commonwealth.

 The bill authorizes $1.4 billion in investments over the next five years to finance the production and preservation of low and moderate income housing.

 “I commend Chairman Dempsey, Chairman Honan and Chairman Cabral for their work on this legislation,” said House Speaker Robert A. DeLeo (D-Winthrop). “As Massachusetts continues on a path towards growth following the economic downturn, it is absolutely crucial that we keep in mind the most basic needs of our citizens. I’m extremely pleased our efforts to improve affordable housing are being extended and amplified through new provisions in this bill.”

 “Ensuring that the low and middle income citizens of Massachusetts have access to affordable housing, and addressing the pervasive issue of homelessness and long waiting lists has always been a priority of mine. Furthermore, attending to the needs of the elderly and disabled so that they are well taken care of and able to remain in their own homes if they so prefer, is of great importance to me” said Representative James O’Day, Chairman of the Joint Committee on Elder Affairs. “ I am very happy that we as a legislature are coming together to alleviate these problems of high housing cost, and I believe this bill reflects our shared dedication to servicing the most at risk populations of our Commonwealth.”

 The $1.4 billion includes $500 million for the rehabilitation and modernization of state-assisted public housing. These funds cannot be used to create new state-owned public housing but to expedite the turnover of dilapidated units once vacant. The bill also includes $55 million to facilitate modifications for the elderly and disabled to allow them to remain in their homes.

 This is the first long-term housing finance bill to come before the Legislature since 2008 and marks the introduction of a capital investment in early education centers through the Early Education and Out of School Time Capital Fund. The $45 million allocation funds the development of facilities for early education and out-of-school programs.

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