A 92-unit Milton apartment project is one of the first beneficiaries of a new state fund meant to push stalled residential developments into construction.The developers Joseph J. Corcoran & Co. and Falconi Properties scored $5 million in equity from MassHousing’s “Momentum” fund for a project that is set to break ground in the next month in East Milton Square.
The $50 million fund is one of the primary ways that the Healey administration is seeking to spur market-rate housing construction through the $5.2 billion Affordable Homes Act that passed last year. In a first, the state is acquiring equity stakes in residential developments as a way to provide lower-cost financing to projects that are considered shovel-ready.
Source: Milton apartments win ‘Momentum’ construction funds – Boston Business Journal
