Developers and state officials on hand at a ceremonial groundbreaking said a future building in East Milton will provide 92 mixed-income residential units, with construction expected to be completed in 2027. The project is the first to receive financing from Massachusetts’ new Momentum Fund, a revolving state fund created by the Affordable Homes Act, officials said.

The Momentum Fund, created through legislation signed by Governor Healey, is designed to provide direct equity investments into mixed-income housing and to recycle returns into future projects. "This is a first-in-the-nation fund designed to support mixed-income housing production," Lieutenant Governor Kim Driscoll said, thanking developers and public partners for advancing the project.

The project — identified at the ceremony as the Residence at East Milton — is being developed by the Joseph J. Corcoran Company (doing business as JJC Co.), in partnership with Falcone Properties. Developers said the building will contain 92 units and is intended to serve both building residents and local businesses by acting as an economic driver for East Milton Square. Sean, a company representative, introduced members of the Falcone family and named John Anderson of Plum House as the general contractor; Mark Major of DMY Architects and Connor Nagel of BHB were also listed as design partners. Metro Credit Union and Fidelity Investments were named as construction financing partners.

Secretary Augustus, identified at the event as the secretary of housing and livable communities, described how the Momentum Fund originated during planning for the Affordable Homes Act and noted the fund is a revolving investment vehicle that does not require annual reauthorization. "Returns on our initial investment would then be reinvested into future housing developments," the secretary said, noting the fund was created to help projects that were otherwise permitted but stalled by financing challenges such as high interest rates and rising construction costs.

MassHousing officials at the event said the agency had used the Momentum Fund to finance three projects to date. Crystal Kornegay, introduced as CEO of MassHousing, said a soft call for interest produced 33 projects representing more than 7,000 units and over $4,000,000,000 in total development cost (TDC). Secretary Augustus and MassHousing leaders said the administration planned additional steps to accelerate housing production, including making state-owned parcels available for development and announcing a semiannual grant round expected to support about 1,200 units.

Speakers framed the project as part of a broader state effort to address a shortage of housing that officials said has driven up prices and rents and pushed some residents to leave Massachusetts. Officials and developers at the ceremony cited persistent headwinds — including high interest rates, rising material costs and limited federal funding — even as they described the Momentum Fund and public-private partnerships as tools to close financing gaps.

The groundbreaking concluded with a ceremonial shovel event involving developers, elected officials and MassHousing representatives. No formal votes or legislative actions took place at the ceremony itself.