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WALPOLE, MA-Governor Mitt Romney is granting $17.6 million in tax credits and grants to construct 548 new rental apartments in Lowell, Walpole and Mattapan.

Romney emphasizes that the financial commitment “will leverage millions of private dollars and help ease the state’s current housing supply shortage.” Approximately $14.8 million of the funds will be leveraged through private investment in exchange for $5.9 million in state low-income housing tax credits over each of the next five years. The state’s Affordable Housing Trust Fund will award $2 million and $750,000 will come from the state Department of Housing and Community Development’s Housing Stabilization Fund. These programs are all designed to encourage developers to produce housing for income eligible seniors, families, individuals and special needs residents across the state.

Mattapan Heights II project developer Trinity Financial will receive $1 million in trust funds as well as $2.7 million in state tax credits to continue its ongoing redevelopment of the former Boston Specialty and Rehabilitation Hospital on River Street in Mattapan. This phase of the project involves the rebuilding of five historic structures that will result in 94 units, 71 of which will be reserved for low- and moderate-income families.

Winn Development will construct the Boott Mills Apartments in Lowell in an historic mill building with the help of $1.26 million in state tax credits and a $750,000 grant from the Housing Stabilization Fund. When completed, the project will consist of 123 market rate apartments and 31 affordable ones.

The Gatehouse Group will build the Preserve development in Walpole on a vacant 20-acre parcel with $1 million in trust funds and $1.98 million in state tax credits resulting in 150 market rate apartments and 150 for low-and moderate-income families.

All three developments have already received more than $60 million in project financing from the quasi-public agency, MassHousing, the state’s affordable housing bank.

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