The Federal Home Loan Bank of Boston (the Bank) recently awarded more than $10.2 million as grants, loans, and subsidies to fund 390 units of affordable rental and ownership housing in seven Massachusetts communities.In all, 24 initiatives in eight states received more than $22.8 million in grants, loans, and rate subsidies as part of the Bank’s Affordable Housing Program (AHP) to create or preserve 816 rental and ownership units for very low-, low-, and moderate-income individuals and families many of which specifically targeted senior housing projects in New England. Each year, the Bank commits 10 percent of its net profits to provide grants and subsidized, below market-rate loans through the AHP.
“The awards will help stimulate economic development during these tough times,” said Michael A. Jessee, the Bank’s president and chief executive officer. “I commend our member banks for their efforts to increase the stock of decent affordable housing in our communities.”
AHP funds are used to create or preserve affordable housing and help pay construction, acquisition, or rehabilitation costs. Member financial institutions work with local developers to apply for AHP funding, awarded twice a year through a competitive scoring process.
For the full press release, click here.
For more information on the individual projects that received funds, click here.