News From Senator Joyce
For Immediate Release: June 6, 2001
Further Information: Marie Blanchard (617) 722-1643
Affordable Housing on Senate Agenda:
Senator Joyce Reports $20M Trust Fund
Senator Brian A. Joyce announced this week that the Senate has recommended allocating $20 million for the Affordable Housing Trust Fund for Fiscal Year 2002.
"The shortage of affordable housing in the Commonwealth is hurting our communities and our businesses," said Senator Joyce. "I am pleased that our senate budget for next year will include an initiative to help us address those challenges."
The Affordable Housing Trust was established last year to support households whose incomes is up to 110 percent of median income as determined by the federal Department of Housing and Urban Development. "Finding affordable housing is difficult not only for those who are poor, but also for a large segment of our working and middle-class residents," said Senator Joyce.
The Fund calls for the state to allocate $20 million annually to be set aside to assist residents who are in need of housing in a number of ways: including providing low and no interest loans, grants, subsidies, credit enhancements, and other financial assistance for community affordable and mixed-income housing developments, as well as capital grants and deferred payment loans for new construction, rehabilitation, or acquisition of housing units.
"This is a good combination of ways to address the housing problems in Massachusetts," said Senator Joyce. "We are offering both focus and flexibility so that we can address the challenge appropriately. There are a variety of impediments to affordable housing and so we’ll propose a number of options."
The Senate budget includes $20 million to be deposited in the trust fund every year. This legislative proposal will then move before the Senate for passage as part of the budget. Subsequently, the final House budget and final Senate budget will be reconciled to create a joint budget to submit to the Governor.