**MassHousing Makes First Financing Commitment to Support Mixed-Income Development**
The Healey-Driscoll Administration and MassHousing have announced the first financing commitment under the Momentum Fund, a newly launched state revolving fund aimed at supporting mixed-income housing production across Massachusetts.
This landmark investment will kick-start the development of the Residences at East Milton by the Joseph J. Corcoran Company. Located in Milton, the project will bring 92 new mixed-income rental homes to the area, including 23 affordable units. This marks the first transaction of its kind in the Commonwealth, representing a pivotal step in addressing the state’s housing shortage.
The Momentum Fund was established as part of the Affordable Homes Act, which is being touted as the largest and most ambitious housing bond bill in Massachusetts history. With an initial $50 million in state investment capital, the fund aims to spur the development of 1,000 multifamily housing units. Officials are also exploring opportunities to expand this goal through co-investment partnerships.
“The Momentum Fund is a first-in-the-nation tool designed to advance the production of mixed-income housing, and we are thrilled to see it being implemented to create desperately needed new housing,” said Tamara Small, CEO of NAIOP Massachusetts. “NAIOP is proud to support the Healey-Driscoll Administration’s commitment to partnering with the private sector to address the housing crisis.”
Pictured: Residences at East Milton.
