On March 4, the Baker-Polito Administration filed a $240 million Economic Development Bill (H.4529).
In his press release, the Governor highlighted the following housing related provisions in the bill:
- $50 million for transit-oriented housing for the production of new, high density affordable housing near transit nodes;
- $25 million for neighborhood stabilization to help nonprofits, municipalities, and community development corporations return blighted or vacant housing back to productive use; and
- $10 million for sustainable and climate-resilient construction in affordable, multi-family housing developments to better respond to climate change and reduce greenhouse gas emissions through use of efficient, sustainable design practices.
- Expanding the Housing Development Incentive Program (HDIP) raising the annual cap to $30 million so that more multi-unit, market rate housing development projects can move forward in Gateway Cities and similarly situated communities.
- The bill include the language of the Housing Choice legislation approved by the Joint Committee on Housing.
- This bill proposes a series of modifications to existing law to better enable local housing authorities to address capital needs and get the best out of the state’s public housing stock.
Read Governor Baker's press release on the Economic Development bill filing.
The bill is now before the Joint Committee on Economic Development & Emerging Technologies, chaired by Rep. Ann-Margaret Ferrante and Sen. Eric Lesser. A hearing is expected on the bill later this spring.