State officials are touting a massive influx of state and federal money for low- and moderate-income housing as a boon to economic development across Massachusetts.
At the Putnam Square Apartments in Cambridge, Gov. Deval Patrick announced more than $73 million in state and federal funds and tax credits for housing, and signed a bond bill totaling $1.4 billion for further investments over the next five years.
Patrick said "inglamorous" spending on housing and related programs can make an area more attractive for private investment.
"Affordable housing serves as a platform for other opportunities," added Aaron Gornstein, undersecretary for the Department of Housing and Community Development.
The bill is largely comprised of housing investments, but also will underwrite programs such as affordable childcare.
"All of these things combine to make a strong quality of life," Patrick said.
One of the focuses of the investments will be to improve existing affordable housing, he said. At Putnam Square, one of two dozen projects slated to receive the $73 million, the funds will be used for a new boiler, a new elevator and improved windows.
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