May 09

Funding for Easthampton part of $105 million for affordable housing and

job creation across Massachusetts

BOSTON – Wednesday, May 9, 2012 -- The Patrick-Murray Administration today announced it has awarded DHCD housing subsidies and federal low-income housing tax credits for the Cottage Square Development in the City of Easthampton. The project is part of a $105 million statewide investment that will build or preserve 2,196 housing units and create an estimated 3,000 construction jobs across Massachusetts. "Creating affordable housing helps to generate jobs, grow local businesses and strengthen our communities,” said Governor Patrick. “Government’s role is to help people help themselves, and investing in affordable housing will build a better Commonwealth for generations to come.” "Investing in affordable housing for our veterans, elderly residents and low-income families is critical to strengthening communities like Easthampton and ending homelessness in the Commonwealth," said Lieutenant Governor Timothy Murray, Chair of the Interagency Council on Housing and Homelessness. “By partnering with the state’s congressional delegation, we are delivering greater resources and creating significant construction jobs right here in Easthampton as we increase our stock of affordable housing for families and individuals in Massachusetts.” Arch Street Development will use $2.5 million in DHCD housing subsidies and $981,271 in state and federal low-income housing tax credits to create 50 units of affordable family housing. Five units will be reserved for extremely low-income households. It is expected to create 111 jobs “The Cottage Square project is very exciting as it promises to bring more families to the heart of Easthampton’s downtown,” Knapik said.   “Over the past decade, Mayor Tautznik and the City of Easthampton have made a conscious effort to reintroduce both a residential presence and small business to the City’s historic industrial core and the combination of the two has reaped significant benefit,” he continued. “Arch Street Development has been a willing and capable partner in Easthampton’s revitalization,” Scibak added.  “The re-use of the City’s former mill buildings should serve as a model around the Commonwealth,” he added. The $105 million investment includes more than $23 million in federal low-income housing tax credits; $20 million in state low-income housing tax credits and $61 million in state and federal housing program subsidies. Of the 2,196 units, 2,062 of which will be affordable to low and moderate income working families and individuals -- including 279 for extremely low-income families and individuals. Funding from today’s announcement will support projects in: Agawam, Amherst, Barnstable, Beverly, Boston, Brewster, Brockton, Brookline, Carlisle, Danvers, Easthampton, Hudson, Lawrence, Lowell, Ludlow, Newburyport, Orange, Orleans Paxton, Somerville, Springfield, Stow, Sudbury, Taunton, Truro, Westhampton, Worcester and Yarmouth. Since the beginning of their first term, Governor Patrick and Lieutenant Governor Murray have worked with the state legislature and Congress to direct over $700 million in federal and state tax credits and state housing program subsidies to projects that improve the state's affordable housing, create jobs and build stronger communities. These investments have generated more than 14,000 jobs and 10,000 housing units; 9,000 of which are affordable.  ###