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 site to be completed and delivering housing to the East Milton neighborhood.

Developers and partners said the Residence at East Milton will include 92 mixed-income units and is intended to support both existing residents and the local economy. The developers named Plum House as general contractor and BNY Architects and BHB as design partners. Financing partners mentioned at the ceremony included Metro Credit Union and Fidelity Investments; speakers also credited staff at MassHousing and the Healy-Driscoll administration for establishing and implementing the Momentum Fund.

State officials described the Momentum Fund as a new financing tool included in the Affordable Homes Act, which Lieutenant Governor Driscoll described as a roughly $5 billion package she said will create "tens of thousands" of new homes statewide. Secretary Augustus, identified at the event as secretary of Housing and Livable Communities, said the fund is not a grant or tax credit but a revolving equity investment intended to accept co-investors and to be reused as returns are repaid to support more projects.

"We knew we had a number of projects that were permitted throughout Greater Boston and ready to go, but just had these financing hurdles," Driscoll said, describing the Momentum Fund’s role in helping projects move from permit to construction amid high interest rates and elevated material costs. Secretary Augustus said the fund had already committed financing to three projects and described the program as one element of a broader housing agenda that includes office-to-residential conversions and use of underutilized state parcels.

Crystal Kornegay, chief executive officer of MassHousing, said the agency issued a soft call for interest in the Momentum Fund last year and received 33 responses representing more than 7,000 potential units and roughly $4 billion in total development costs. "It is a really great day," Kornegay said.

Event organizers and speakers emphasized that the Momentum Fund is intended to be repaid and reused rather than spent as a one-time subsidy. Speakers also noted headwinds that affect housing production statewide, including higher interest rates, rising material costs and limited federal funding.

The ceremony concluded with a symbolic shovel-turning by elected officials, MassHousing staff and financing partners; attendees described the event as a milestone for the new fund and a step toward producing additional mixed-income housing in Greater Boston and other Massachusetts communities.

No formal legislative or permitting action occurred at the event; the gathering was ceremonial and did not include a vote or regulatory decision.