2010 FHLBank of Boston Advisory Council Report - Federal ...

Housing+
Every time an Affordable Housing Program dollar is spent in New England, reverberations are felt throughout local communities.
New housing generates construction jobs and permanent jobs. Mixed-use initiatives provide space for new businesses and
nonprofit service providers.
The construction of new housing and commercial space makes life more convenient, the streets more lively and attractive.
In many instances AHP-funded housing is part of a broader plan to uplift struggling neighborhoods.
A recent study underscores the impact an AHP subsidy can have on employment, the purchase of materials, local spending,
and state and federal taxes. The study states that while the AHP funds only a fraction of total development costs, it leverages
substantial funding from other sources to expand economic activity. The study concludes that every $1 million of AHP subsidy
contributes to a multiplier effect of $14.2 million, a notable benefit beyond the creation and preservation of much needed
affordable housing in our region.
The pages that follow highlight the various ways that new affordable housing converges with a broad range of community
redevelopment goals to strengthen local communities.
In Tiverton Rhode Island, Sandywoods Farm created new affordable housing for artists, preserved agricultural
and recreational land, created community gardens for residents, and spurred a plan to construct a new town
library.
In Seymour, Connecticut, the conversion of an old furniture store to create new affordable senior housing and
commercial space played a critical role in the ongoing revival of a historic downtown.
In Boston’s South End, the mixed-use Gateway initiative helped breathe new life into a neighborhood struggling
to recover from years of neglect.
In Brattleboro, Vermont, the Ann Wilder Richards initiative was part of a broader community plan to create a
new senior village in the West Brattleboro section of the city.
In Laconia, New Hampshire, the redevelopment of a former knitting-machine factory created new affordable
rental housing and ownership space for nonprofit child-care and health-care providers.
In Scarborough, Maine, Bessey Commons Senior Housing played a key role in a plan to create a new community
village that included new retail, office, and residential space.
AHP-funded housing is inextricably linked to the health and wealth of communities. The initiatives highlighted in this year’s
report provide ample evidence of the strength and agility of the AHP and the essential role it plays in transforming communities
throughout the region.
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