WASHINGTON, D.C. – November 4, 2013 – (RealEstateRama) — On November 1st, the Patrick Administration announced the first funding awards under its new High Leverage Asset Preservation Program (HILAPP), aimed at supporting the comprehensive modernization and preservation of the state’s public housing stock. The Program provides grants to local housing authorities that are able to secure matching funds from local and/or other non-DHCD sources.
Ten housing authorities were awarded over $500,000 to begin the design phases of their projects: Amherst, Braintree, Chicopee, Franklin County, Lexington, Malden, Middleborough, Provincetown, and Sandwich. By the conclusion of this first competitive cycle, DHCD will invest up to $5 million in capital dollars to support these local housing authorities. Click here to see the full press release.
“Affordable public housing is in high demand across the state,” said Housing and Community Development Undersecretary Aaron Gornstein. “These funds will not only ensure that current residents live in healthy and safe environments, but that the developments are upgraded so they will last for years to come.”
The HILAPP program supplements the state’s Formula Funding and is based on the following four principles:
Preserving as many units as possible;
Prioritizing developments with significant capital needs that cannot be sufficiently addressed with Formula Funding;
Targeting developments in communities with the highest need for extremely low income housing; and
Leveraging as much capital as possible from sources other than DHCD.