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Groundbreaking held for 92-unit mixed-income Residence at East Milton financed in part by state Momentum Fund
Summary
Developers, MassHousing and state officials marked a ceremonial groundbreaking for the Residence at East Milton, a 92-unit mixed-income project backed in part by Massachusetts’ new revolving “Momentum Fund,” a financing tool created under the Affordable Homes Act.
Developers and state officials marked the ceremonial groundbreaking for the Residence at East Milton, a 92-unit mixed-income building that project leaders said is being financed in part with the state’s new Momentum Fund.
The Momentum Fund, created under the Affordable Homes Act, is a revolving state investment vehicle intended to provide direct equity investments into mixed-income residential construction and to be recycled as projects repay the fund. "That's why we're thrilled to be here today to celebrate the first groundbreaking of a building being financed through the Momentum Fund," Lieutenant Governor Kim Driscoll said at the event.
The project is being developed by Joseph J. Corcoran Company. "We could not be more thrilled, to put shovels in the ground today," said Sean McReynolds, president of Joseph J. Corcoran Company. Project partners cited a 2027 target for the…
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