Mortgage Relief

July 2, 2007

Cohasset Awarded Housing Development Assistance Grant from State

BOSTON– Representative Garrett J. Bradley (Third Plymouth District) and Senator Robert L. Hedlund (Plymouth and Norfolk) are pleased to announce that Mass Housing has accepted the town of Cohasset’s application for the Priority Development Fund: Planning Assistance for Housing Production for the Town of Cohasset. This fund will provide Cohasset with up to $25,000 for assistance in developing a mixed-use, multi-family by-law for the Village Business District. The establishment of such a by-law will encourage the development of multi-family units, and they hope to achieve this in downtown Cohasset and near the Greenbush Cohasset Station. The by-law holds the potential to build fifty to seventy units of housing in the Village Business District.

This $1 million fund was established in January 2006, to promote rental housing in Massachusetts and attempts to close funding gaps in development. Uniquely, the funds do not come from taxes but rather the funds are accumulated in conjuncture with first-mortgage financing. The Fund hopes to achieve its goal of making certain development programs affordable.

Representative Bradley stated, “I appreciate Mass Housing recognizing Cohasset with this grant. It is important to encourage mixed use multifamily development near public transportation. I look forward to the plan’s development.”

Senator Hedlund added, “I am pleased that Mass Housing has approved this grant in Cohasset. I am hopeful this and future projects demonstrate smart growth practices around the new Green Bush line.”

All developments of the Cohasset by-law are in accordance with the Principles of Sustainable Development. The Fund will be distributed between various town tasks and services in order to prepare for the development. The Department of Housing and Community Development are in the final stages of reviewing the final expenses, and the Town of Cohasset is awaiting approval.

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