Governor Maura Healey has announced the launch of the Massachusetts Community Climate Bank, the nation’s first green bank dedicated to affordable housing. With an initial investment of $50 million from the Department of Environmental Protection, this bank aims to attract private sector capital and federal funds in order to finance building retrofits and new construction that are aligned with Massachusetts’ climate goals.
The primary focus is on providing relief for those in affordable housing markets by addressing energy cost burdens and climate impacts faced by low-income residents. The bank is located within MassHousing, collaborating with both MassClean Energy Center and MassDevelopment to support clean energy projects – starting with affordable housing initiatives.
By offering low-cost capital as well as innovative financing options, this initiative seeks to integrate clean energy technologies into existing or newly developed affordable housing properties while also leveraging refinancing cycles for efficient upgrades. This project highlights Massachusetts’ commitment towards creating equitable green communities that are resilient against environmental changes over time.
