Senator Berry Announces the Release of the $508.5 million Housing Bond Bill
Press Release - February 26, 2002

Senator Frederick E. Berry (D-Peabody) announced today that the conference committee on the Housing Bond Bill has filed the $508.5 million authorization with the Clerk of the House of Representatives. The bond bill authorizes funds for the production and preservation of affordable housing in Massachusetts.

"We are in the midst of an affordable housing crisis, " said Senator Berry, Senate Chair of the Housing Bond Bill conference committee. "People that work and reside in Massachusetts are finding that they cannot afford to live here and are forced to move elsewhere. The lack of affordable housing is not only hurting individuals and families in communities across the state, but it is also hurting our economy."

The bill includes:

$350 million for Public Housing Modernization, which allows local housing authorities to make much-needed repairs and improvements to public housing units.
$50 million for the Housing Stabilization Fund, which provides grants or loans to non-profit organizations or for-profit developers for the renovation of private housing and for the acquisition, preservation and rehabilitation of distressed or abandoned properties to provide additional rental housing and opportunities for affordable homeownership and first-time home buyers.
$35 million for the Capital Improvement Preservation Fund, which provides grants or loans to preserve the long-term affordability of rental housing at risk due to the prepayment of state or federally assisted mortgages or the expiration of federal project-based rental assistance.
$35 million for the Housing Innovations Fund, which provides money to non-profits to develop innovative housing strategies to serve the lowest income individuals.
$25 million for the Community Development Action Grant Program, which provides grants to municipalities for infrastructure improvements to support the growing populations and housing needs in communities.
$10 million for the Housing in Urban Center Housing Zones, which will provide financial support for the development of affordable housing using tax incremental financing plans in urban housing center zones.
$3.5 million for the Massachusetts Housing Partnership, a self-supporting state agency that promotes more stable and diverse neighborhoods in cities and towns across Massachusetts through the development and preservation of affordable housing.

"There is so much more to be done about our current housing crisis and this is not a solution by any means," said Senator Berry. "It is a definite step in the right direction though."

The legislature is expected to take action on the Housing Bond Bill this week.