MassHousing is deploying $15 million from the Commonwealth’s Momentum Fund to help three mixed-income housing developments move from approvals into active construction. The Healey-Driscoll Administration said the financing package will support a total of 192 new rental homes across projects in Milton, Middleton and Newburyport, all of which have already secured local entitlements.
The Momentum Fund allocation is structured to accelerate the construction timeline by lowering borrowing costs for the sponsored developments. MassHousing is administering the program and directing proceeds to individual projects based on specific unit counts and capital needs.
In Milton, the Residences at Quarry Hills is slated to receive $2.5 million. The planned community will consist of 40 rental units and is being developed by a joint venture of Falconi Properties, HP Homes and Agora Properties. With local approvals in place, the additional financing is intended to help the development team advance more quickly into the building phase.
The largest single allocation is going to the Newburyport Crossing development, where the third phase will add 92 units of mixed-income housing. MINCO Development is leading this phase and will receive $6.5 million from the Momentum Fund. The funding supports the continued build-out of the multi-phase community, which is expanding the local supply of rental housing.
In Middleton, the Residences at Middleton Corner is scheduled to receive $6 million. The project, led by Villebridge Real Estate Development, will deliver 60 rental units. As with the other developments, the capital from the Momentum Fund is aimed at closing financing gaps and allowing construction to begin sooner.
State officials framed the Momentum Fund initiative as a tool to address housing supply and affordability challenges by making it faster and less expensive to bring permitted projects to market. They emphasized that lowering project financing costs and unlocking additional private investment can help more families and workers access reasonably priced homes while supporting community-level development activity.
Together, the three mixed-income developments backed by this round of Momentum Fund financing illustrate how targeted public capital can be used to push locally approved rental projects across the start line, supporting incremental additions to the regional housing stock.
