Massachusetts Gov. Maura Healey announced funding from two programs to jumpstart housing production across the state: approximately $8.4 million from the new Commercial Conversion Tax Credit Initiative (CCTCI) to help communities transform empty or rundown commercial buildings into new homes, and nearly $140 million in low-income housing tax credits and subsidies through the Affordable Housing Development Grant Program.
The CCTCI was created in Healey’s Affordable Homes Act, and the inaugural funding round will award tax credits across five projects that will create 339 new homes in Boston, Fitchburg, New Bedford, Pittsfield and Worcester. The awards support projects in downtowns and neighborhood centers where commercial buildings are underutilized.
“Too many downtown buildings across Massachusetts are sitting dark and empty when they could be part of the solution to our housing shortage,” said Healey. “The Affordable Homes Act gave us new tools to move faster and smarter, and this first round of Commercial Conversion tax credits will help turn underused commercial properties into homes, bring new energy to our downtowns and lower housing costs for residents.”
Healey also announced $139.5 million in funding from the Affordable Housing Development Grant Program for 15 rental housing developments statewide. Taken together, the projects represent 1,008 new homes, including 903 affordable units.
