Ground has been broken in East Milton, making way for the first housing project funded by the Massachusetts Momentum Fund—a key element of the Healey-Driscoll Administration's Affordable Homes Act aimed at tackling the state's housing challenges, as announced in a press release. The Residences at East Milton is touted as a mixed-income rental community and comes with big expectations, promising to create 92 new homes while utilizing innovative financing strategies designed to spur housing production in an efficient, scalable manner.
The administration's alliance with local developers leveraging tools like the Momentum Fund, a sort of financial catalyst to get developments like the Residences at East Milton off the ground without traditional subsidies—it is deemed essential by Lieutenant Governor Kim Driscoll who, according to a Massachusetts government news release says that these kinds of partnerships are quintessential for accelerating housing production and strengthening both local communities and the economy, Governor Healey echoed the sentiment by marking this development as a "critical step forward" in their mission for more reasonably-priced homes for residents.
The project, developed by the Joseph J. Corcoran Company and Falconi Properties, encapsulates the administration's new approach toward meeting the state’s housing needs, which include creating 222,000 new homes by 2035 to support Massachusetts' growing economy and diverse populations. MassHousing CEO Chrystal Kornegay recognizes the groundbreaking of the Residences at East Milton as a prime example of what can be done when public investment melds with private capital, saying in a statement the Momentum Fund is effectively mobilizing investment in new housing opportunities for Massachusetts residents.
With a development cost tagged at $52 million, the initiative has secured $5 million in public equity from the Momentum Fund and a substantial mortgage package, amounting to $29.8 million financed by Freddie Mac, Berkadia, and MassHousing which lowers the financing costs faced by developers and makes it easier to construct new housing even in a higher-cost environment, the combined effort manifests not just a response to an immediate housing crisis, but a reflection of a broader, holistic approach to residential development that hopes to accommodate individuals and families across various income levels, forging a template for future endeavors.
Expected to complete in spring or summer of 2027, the development will feature a range of units from studios to three-bedroom apartments, with nearly a quarter being designated as affordable housing. The project's backers and state officials believe that such initiatives mark a significant stride in rethinking how communities are built, emphasizing inclusivity and long-term sustainability as cornerstones of tomorrow’s neighborhoods. The implementation of this vision for East Milton Square carries the potential to reshape how the state addresses its burgeoning need for homes, looking ahead to less a challenge than an opportunity—to foster growth, solidarity, and revitalization grounded in the premise that a secure home is the bedrock of a thriving community.
