Affordable Housing Funds Hit New England – By Ryan Clark, GlobeSt.com
The Federal Home Loan Bank of Boston is committing 10% of its net profits to provide grants and subsidized, below market-rate, loans through American Housing Project. The allotted money was divided between needy areas in the New England, including Massachusetts, New Hampshire, Vermont and Maine.
The money will create a variety of rental units such as 38-42 Upton St. in Boston, which will rehabilitate 37 units in row houses in the South End for low-income individuals. Thirty units will be for the formerly homeless and one set aside for a manager making between 51% and 60% of the area median income.