Key facts
- Massachusetts has a two-year-old housing program called Bringing Innovation to Lending and Development (BILD).
- The BILD program uses public funds for debt and equity financing.
- The program aims to finance mixed-income housing projects.
- It addresses capital gaps caused by high interest rates and construction costs.
- The program has funded six projects to date.
- BILD is considered a scalable model for other states.
The Massachusetts Housing Program, known as Bringing Innovation to Lending and Development (BILD), has been operational for two years and offers a potential model for mixed-income housing development across the United States. This initiative utilizes public funds, strategically deployed as both debt and equity, to finance housing projects that aim to integrate residents of various income levels. The program specifically targets projects encountering capital gaps, a challenge amplified by the current economic climate characterized by high interest rates and elevated construction costs.
To date, the BILD program has successfully provided funding for six distinct housing projects. These developments represent the program's commitment to fostering diverse communities and addressing the critical need for affordable and accessible housing options. The success of these initial projects positions BILD as a promising and scalable solution that other states can potentially adopt to stimulate similar mixed-income housing initiatives within their own jurisdictions.