The Healey-Driscoll Administration and MassHousing have made the first financing commitment under the Momentum Fund, a state revolving fund to support mixed-income housing production across Massachusetts. This initial public equity financing will advance the development of Joseph J. Corcoran Company’s Residences at East Milton in Milton, creating a total of 92 new mixed-income rental homes, including 23 new affordable rental homes. It is the first transaction of its kind in Massachusetts.
The Momentum Fund was enacted as part of the Affordable Homes Act, reportedly the largest and most ambitious housing bond bill in Massachusetts history. Through the fund, MassHousing aims to support the creation of 1,000 new units of multifamily housing with $50 million of state investment capital and is evaluating expansion of this goal with co-investment partnerships.
“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.
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