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Massachusetts will infuse $1.1B into its affordable and workforce housing development and preservation programs, which will be part of the state’s five-year capital plan, according to Gov. Charlie Baker.
The long-term plan is to increase investment in public and affordable housing by 8% in fiscal '17 and by 18% over a five-year period, with a goal of creating or preserving 5,000 units of affordable housing.
The money will be used to maintain support for existing housing programs, increase support for public housing communities, and finance new initiatives to preserve at-risk affordable housing across the commonwealth, the Boston Business Journal reports. The new funding is in addition to a new $100M MassHousing workforce housing development fund, which will support the development of 1,000 units of moderately priced housing. [BBJ]
