Bill Puts $500,000 to Public Housing

A housing bond bill that was approved Tuesday would funnel $1.4 billion to provide essential housing production and programs for low-income and moderate-income residents in the Bay State.

"I am pleased to help advance this bill in the legislature to ensure that we continue to invest in a pipeline of housing initiatives and programs that address the most pressing housing needs of the Commonwealth,” said Senator Eldridge, D-Acton. 

An Act Financing the Production and Preservation of Housing for Low and Moderate Income Residents would authorize a $1.4 billion five year capital plan. $500 million will be directed to public housing modernization that would bring public housing units online. 

The bill would extend the low income housing tax credit at $20 million annually for five additional years. $80 million in grants or loans will be dedicated to the Housing Innovations Trust Fund that provides supportive housing for the homeless, domestic violence victims, seniors, veterans and individuals in substance abuse recovery. $55 million will continue to make investments in the Home Modification Program for blind and severely disabled homeowners to avoid placement into more costly institutional settings such as nursing homes.

The bill was originally filed as two separate bond bills sponsored by Senator Jamie Eldridge and Representative Kevin Honan (H 1127) and Governor Deval Patrick (H 3333). The two versions of the bill merged Tuesday in executive session after a public hearing on both bills was held last month.