7002-1502

7002-1502 Transformative Development Fund

For the Transformative Development Fund established in section 46 of chapter 23G of the General Laws; provided, that not less than $750,000 shall be expended on a neighborhood stabilization initiative to assist local governments and their nonprofit partners to implement strategic neighborhood revitalization initiatives; and provided further, that the initiative shall be developed in consultation with the Massachusetts Association of Community Development Corporations, and The Massachusetts Institute for a New Commonwealth, Inc. and shall focus on identifying and implementing strategies for reclaiming vacant, abandoned and blighted properties and restoring them to productive use as homeownership opportunities or rental housing, as well as on capacity-building at the local level to address this need

Vetoed by the Governor

Governor's veto explanation: I am reducing this item to an amount consistent with my House 2 recommendation due to the availability of alternative resources. MassHousing will maximize available alternative capital funding in the FY25 Capital Investment Plan for the Neighborhood Hub program that will serve the same purpose as the funding being vetoed.

Budget Tracking

250,000

1,000,000

250,000

1,000,000

(750,000)

250,000

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Historical Budget

1,000,000

1,050,000

1,000,000

250,000

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Spending Categories

Grants & Subsidies

1,000,000

250,000

Total

1,000,000

250,000

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