On July 9, the Baker-Polito Administration announced $86 million in new funding to expand the Workforce Housing Initiative, including $60 million to support new affordable homeownership opportunities.
The $60 million commitment will create roughly 500 new workforce homes that will be affordable and accessible for moderate-income, first-time homebuyers.
Launched in 2016, the Workforce Housing Initiative supports the development of homes for middle-income households who struggle to meet high housing costs, but do not qualify for traditional affordable housing. Since then, MassHousing has committed or closed workforce housing financing totaling $73.4 million to 31 projects in 16 communities across the state, making the Workforce Housing Initiative the largest state-level middle-income housing program in the United States.
"Homeownership is the American Dream – when we own a home, we have security and an investment in our future. For too many people, particularly households of color, that dream is out of reach. Investing in homeownership is an investment in the Commonwealth's residents, our communities, and the state's economic growth,” said CHAPA CEO Rachel Heller. “Today’s announcement is exciting, and we applaud the Baker-Polito Administration for making this significant investment."
This $86 million commitment to expanding MassHousing's Workforce Housing Initiative is being made possible through the capital the state received from the sale of General Electric’s headquarters.