BOSTON – Today, Governor Charlie Baker, Lt. Governor Karyn Polito, and Housing and Economic Development Secretary Mike Kennealy joined with legislators, municipal leaders, and other stakeholders in a virtual ceremonial signing of House, No. 5250, An Act Enabling Partnerships for Growth.
The new law provides a five-year roadmap backed by more than $626 million in capital authorizations and key policy provisions to support economic growth and improve housing stability across Massachusetts. In 2019, the Baker-Polito Administration announced a new economic development plan titled Partnerships for Growth: A plan to enable the Commonwealth's regions to build, connect and lead. The plan focused on four key pillars: responding to the housing crisis; building vibrant communities; supporting business competitiveness; and training a skilled workforce. The framework outlined in that plan guided the approach taken in the bill filed by the Governor in early March 2020.
“This new law provides tools needed to respond to both the challenges posed by COVID-19 as well as those that existed before the virus took hold, especially the housing crisis. We are pleased to implement these policy changes, especially the Housing Choice provisions we proposed more than three years ago to make it easier to increase production and zoning reforms in communities that want and need it,” said Governor Baker. “While we continue to make progress we still have much work to do in the months ahead to help businesses recover, get people back to work, and restore the Commonwealth’s economic vitality.”
“With gratitude to our partners in the Legislature, the many municipal leaders, and the business community that formed a broad coalition of support, today we have a law that reflects the urgency of the moment and that is also focused on driving the changes we need at the fundamental level going forward,” said Lt. Governor Polito. “I look forward to addressing key challenges including stabilizing the economy, strengthening our downtowns and town centers, and improving housing accessibility and affordability now and long after the pandemic has passed us.”
This economic development package builds on the Commonwealth’s dynamic business ecosystem, which is core to the continuing success of the Massachusetts economy. The bill directs capital dollars to support advanced manufacturing and targets new and emerging opportunities to further strengthen the economy’s foundation. The new law also dedicates key resources for micro-businesses and low-to-moderate income and minority entrepreneurs for starting or expanding a business, as well as grants to community development financial institutions and community development corporations with a focus on supporting women- and minority-owned businesses.
Original source can be found here.
