Gov. Healey Surprises Massachusetts With Big Announcement

Massachusetts Governor Maura Healey recently announced a plan to create more affordable housing...

Photo byGovernor's Office via Wikipedia

The Massachusetts Community Climate Bank, the nation's first green bank dedicated to affordable housing, was recently announced by Governor Maura Healey. This historic initiative, funded in part by a $50 million state grant from the Department of Environmental Protection, aims to maximize investment in reducing greenhouse gas emissions from the building sector.

“The Massachusetts Community Climate Bank will be our financial engine for moving forward on our climate goals, relieving the pressure of high housing costs, and creating good jobs and healthier communities,” said Governor Healey.

“This first-of-its kind initiative is going to make our state more competitive, affordable, and equitable – and it’s going to show that in Massachusetts, we can lead the world by leading with our values and leaving no community behind," she continued. "We’re grateful to our partners at MassHousing, MassCEC, MassDevelopment, our Congressional delegation, the Legislature, the City of Boston and the Boston Green Ribbon Commission for their collaboration to make the Massachusetts Community Climate Bank a reality.” 

Massachusetts is the first state in the country to house its Climate Bank within its Housing Finance Agency and to concentrate its efforts on affordable housing, per an official press release from the Governor's office.

The Massachusetts Clean Energy Center (MassCEC) and MassDevelopment will reportedly collaborate with the Climate Bank. This collaboration will ensure that the capabilities of each entity are used to support the identification, development, financing, and execution of clean energy projects, beginning with the affordable housing sector.

“The Massachusetts Community Climate Bank has enormous potential,” said Lieutenant Governor Kim Driscoll. “It can support deep energy retrofits and investments in energy efficiency technologies, eliminating emissions and cutting residents’ energy costs for years to come. It can help nonprofit developers access capital that makes net-zero development possible, serving hundreds of families. It can help the state rehab and retrofit older affordable housing that’s in need of repair by getting access to new federal climate funds. Each step of the way, it’ll power our mission to make Massachusetts the world’s climate leader by bringing all the benefits of a green and resilient economy to all the people of our state.” 

“This innovative initiative represents what is possible when we prioritize both our clean energy future and expanding access to truly affordable housing for the hard-working residents of our state," said Senate President Karen Spilka. "I applaud the Healey Administration for taking early action to address two of the most pressing issues we face and thank all of the legislators who have helped champion and shape this initiative, and I look forward to seeing the dividends of our green bank investments."

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