State Directs $50M To Stalled Housing Projects
The state will put $50.3 million in federal stimulus money into 10 stalled housing development projects, including four in Central Massachusetts.
Gov. Deval Patrick's office said the money is intended to make up for the lack of equity in the low income housing tax credit market. The U.S. Treasury is providing the American Recovery and Reinvestment Act funds and allowing states to convert tax credits into grants.
In Central Massachusetts, the Southgate Place project, which is part of the planned revitalization of the South Worcester Industrial Park, will receive $3.8 million. In West Boylston, the Freedom Village affordable housing project near West Boylston Center will receive $4.6 million.
The Tri-Town Landing project in Lunenburg, which has set aside 60 of its 66 units as affordable housing, will receive $6.5 million and the Cady Brook Apartments project in Charlton will receive $2.2 million. The funding will support rehabilitation work at the Cady Brook development.
The other projects to get funding are in Amherst, Chelmsford, Plymouth, Wareham and Westfield.
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