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Two POAH Properties receive funding awards from Healey-Driscoll Administration Announcing $227 Million in Awards to Create, Preserve Nearly 2,000 Housing Units

June 20, 2024

Two POAH properties – one in Somerville, MA and one on Cape Cod, MA are recipients of the 2024 Affordable Housing Development Grant Awards. A total of $227 million in state and federal tax credits and subsidies will support the creation or preservation of 1,874 rental units across Massachusetts.

 

DANVERS — Today, Governor Maura Healey and Housing and Livable Communities Secretary Ed Augustus joined local officials and housing developers from across the state to announce the 2024 Affordable Housing Development Grant Awards. A total of $227 million in state and federal tax credits and subsidies will support the creation or preservation of 1,874 rental units across Massachusetts. 

“These awards are one of the most effective tools our administration has to increase the development of housing that is affordable for people across the state,” said Governor Maura Healey. “Along with our Affordable Homes Act, we’re working to lower the cost of housing across Massachusetts to benefit our families, businesses and economy.”

The projects include a total of 1,731 affordable rental units for residents making less than 60% of area median income (AMI), with 480 units set aside for residents making below 30% AMI and often experiencing homelessness. 

"These funds are an important step for spurring affordable housing development in our communities,” said Lieutenant Governor Kim Driscoll. “We want a Massachusetts that’s affordable, accessible and resilient so that everyone can afford to work, live and build their future here.”

This is the Executive Office of Housing and Livable Communities’ largest annual grant award that supports the development of affordable rental housing units statewide. The total investment includes, $27.1 million in 4% federal tax credits, $12.1 million in 9% federal tax credits, $44.5 million in state tax credits and $143.4 million in state subsidy funds.

“Today’s awards are critical in creating more affordable and livable communities across Massachusetts,” said Housing and Livable Communities Secretary Ed Augustus. “I want to thank Governor Healey and Lieutenant Governor Driscoll for their leadership on housing and for working incredibly hard to ensure everyone can afford a home, no matter your income. These 27 affordable projects will make our Commonwealth more vibrant, accessible and equitable.”

In addition to analyzing how these projects met the state’s housing goals, the Administration carefully evaluated the green, sustainable and climate resilient aspects of every application to ensure that all projects selected for awards will help further the state’s climate objectives.

To read the full press release and list of projects receiving awards:
CLICK HERE.