Mass. pledges $150 million affordable housing fund

AP News
Posted: Dec 01, 2009 10:35 AM

Gov. Deval Patrick is rolling out a new $150 million loan fund designed to help create more affordable housing units in Massachusetts.

The fund, created primarily using private resources, is intended to fill the funding gap faced by affordable housing developers unable to get financing for their projects from traditional lenders.

The announcement follows Patrick's decision last week to sign a bill aimed at preserving the state's existing supply of subsidized housing units.

Patrick said about 17,000 units are at risk over the next three years as their owners pay off publicly subsidized mortgages and are able to seek higher, market-rate rents.

Some tenants groups say the new law is too weak and doesn't offer enough protections.