Massachusetts Gov. Charlie Baker (R) has committed $86 million from the sale of General Electric’s Boston headquarters to an effort to create more affordable Bay State housing.
Baker’s plan would commit $60 million toward the creation of approximately 500 new homes accessible to moderate-income, first-time home buyers. The remaining $26 million would go to develop 260 new workforce rental units.
“Since taking office, our administration has invested more than $1 billion into affordable housing, building and preserving tens of thousands of units for residents and families across the Commonwealth,” Baker said in a statement. “We are proud to add an additional $86 million of funding targeted towards middle-income families, and we will keep advocating for the passage of the Housing Choice legislation to boost the production of much-needed units.”
Baker’s effort comes while he is still working to convince lawmakers to take up his proposal to make it easier for cities and towns to waive local zoning restrictions for the creation of additional housing. He was able to make the new allocation without legislative approval because the money originally came from bond sales used to fund the redevelopment of the GE site.
State housing officials say most of the funding will be allocated to housing development in Boston’s urban core and in other “gateway” cities. (STATE HOUSE NEWS SERVICE [BOSTON], MASSLIVE)