Left In Lowell

Federal and state stimulus plans are hitting cities and towns, with what we hope will be tangible results.

Hamilton and two other affordable housing projects received a much-needed boost from the Governor’s Massachusetts Recovery Plan, which should help the Hamilton Canal get on track even in this downturn. As you probably know, the Hamilton project includes affordable rental units, some of which will be part of an artist live-work space in the old Appleton Mill.

The Patrick Administration’s commitment includes $17.9 million in federal tax credits and $18.9 million in state tax credits, which will be sold to syndicators to leverage an estimated $200 million in private investment. Due to current market conditions, developers will have until the end of the year to find tax credit investors for their projects.

Another $71.2 million will be issued from seven state bond-funded affordable housing programs as well as the federal HOME program. The state Department of Housing and Community Development administers the funding to assist developers who produce housing for income-eligible seniors, families, individuals and special needs residents across the state.

Update: Here’s the breakdown for the money in question: