Moore votes to preserve housing for low-income, disabled and elderly residents

March 31, 2008 ... During last week’s formal session, Sen. Richard T. Moore, D-Uxbridge, and his colleagues in the Senate approved legislation to authorize a $1.35 billion, five-year capital plan for the production and preservation of affordable housing for low-income, disabled and elderly residents in the Commonwealth.

“Finally, our public housing will be properly maintained, preserved, and expanded upon,” said Moore. “Previous Administrations have depleted the resources necessary to ensure that those who need assistance received quality and timely placement. Hopefully, with the passage of this legislation, housing for our Commonwealth’s most vulnerable residents will once again become affordable.”

The bond bill provides the following:

$500 million for the modernization, repair, preservation and development of state-assisted public housing for families, the elderly and those with special needs.

$220 million for the affordable housing trust fund which was established for the creation and preservation of affordable housing – an increase of $100 million.

$125 million for the housing stabilization and investment trust fund, which provides grants or loans for homeownership, purchase, preservation or rehabilitation of affordable housing, including distressed properties.

Not less than $10 million of this authorization will be utilized for housing in “weak markets” – areas with low rates of homeownership, vacant buildings or high concentrations of assisted housing

The bond bill also includes another $510 million in housing production, preservation and infrastructure programs, and it authorizes the Treasurer to change the Commonwealth's variable-rate debt to a fixed-rate debt. This change allows the Treasurer greater flexibility in managing the state’s debt and containing costs during fluctuations in the market.

The bill will now go to the House of Representatives for further action.

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