Massachusetts Governor Charlie Baker released his capital budget for Fiscal Year 2018, and the affordable housing capital budget increased by $9 million to a total of $221 million.
In just two years, the housing capital budget has increased by almost $25 million. Most of this increase is in funding for preservation of affordable housing in projects where affordability is at risk of being lost. The Governor is supplementing state bond funds with additional dollars from MassHousing and the new National Affordable Housing Trust Fund to boost total capital spending for affordable housing.
Other MACDC priorities also received support in the capital budget. The budget includes $2.65 million for the Brownfields Redevelopment Fund, administered by MassDevelopment, for the assessment, remediation, and redevelopment of environmentally contaminated sites. Unfortunately, this funding level is less than half what MACDC believes is necessary to meet demand. The Massachusetts Growth Capital Corporation (MGCC) will have $250,000 in new dollars to provide grants to Community Development Financial Institutions (CDFIs) to match federal or private dollars in support of small business development. Through the Massachusetts Food Trust, CDFIs will also receive $1 million in grants to support loans to ventures that increase access to healthy foods.
CLICK HERE for a spreadsheet with the details of the FY18 housing capital budget, along with a comparison of how the budget has varied over the past five years.