On June 14th, the Governor announced the release of his Administration’s FY22 Capital Spending Plan. The FY22 Capital Budget funds new programs authorized in the recently enacted Economic Development law, while level-funding most longstanding affordable housing programs.
MACDC’s Analysis of the FY22 spending plan for all of the Department of Housing and Community Development (DHCD) housing programs, and for selected Executive Office of Housing and Economic Development (EOHED) community development programs of interest to CDCs, is attached. It includes a comparison to FY21 spending.
With the spending on newly authorized programs, overall spending on affordable housing increased by more than $18 million when compared to FY21 spending, to more than $255 million. MACDC is particularly pleased about the spending on DHCD housing programs authorized by the Economic Development legislation, including $6.5 million for Neighborhood Stabilization, $2 million for a Rural and Small Town Development Fund, and $1.7 million for climate-resilient affordable housing. For EOHED programs, the FY22 Capital Budget includes level funding for Brownfields Redevelopment and the MA Food Trust Program, an increase of $1.75 million in grants for Community Development Financial Institutions (CDFIs), and $8 million in new funding to support the redevelopment of underutilized or vacant properties into active commercial, housing, or green civic space.
MACDC is thankful to the Baker-Polito Administration for its funding of critical affordable housing and community development programs, and to the MA Legislature for its authorization of these programs. MACDC is also grateful to its members for the great work they do every day to ensure that the funding provided will result in projects and programs that benefit residents in every corner of the Commonwealth.