BOSTON (AP) — Republican Gov. Charlie Baker has signed a bill authorizing the state to borrow up to $1.8 billion for affordable housing.
The legislation signed by the governor on Thursday is largely intended to address a shortage of housing in Massachusetts that has caused home prices to skyrocket in parts of the state.
Baker says the measure will give developers, cities and towns and local housing authorities more resources to create affordable housing options.
The new law extends tax credits for affordable housing projects until 2025 and authorizes an additional $5 million per year in credits.
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It also extends a program that provides $10 million per year in tax credits for market-rate projects in Gateway Cities.
The Baker administration has outlined a strategy for creating 135,000 new units of housing by 2025.