MassHousing Makes First Financing Commitment to Support Mixed-Income Development
The Healey-Driscoll Administration, in partnership with MassHousing, has announced the first financing commitment under the newly launched Momentum Fund—a state revolving fund aimed at supporting mixed-income housing development across Massachusetts.
This inaugural investment will fund the Residences at East Milton, a project by Joseph J. Corcoran Company, which will bring 92 new mixed-income rental units to the town of Milton. Of these, 23 units will be designated as affordable housing. This marks a milestone as the first public equity transaction of its kind in the Commonwealth.
The Momentum Fund was established through the Affordable Homes Act, widely recognized as the most comprehensive housing bond legislation in Massachusetts history. The fund is designed to leverage $50 million in state capital to support the creation of approximately 1,000 new multifamily housing units. MassHousing is also exploring partnerships for future co-investment to expand the initiative’s reach.
“The Momentum Fund is a first-in-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.
