Green Communities Initiative for Mass.

Massachusetts Governor Mitt Romney announced the Massachusetts Green Communities Initiative to build more environmentally-friendly, affordable housing that adheres to smart growth principles.

The Governor joined MassHousing, The Massachusetts Technology Collaborative (MTC), and The Enterprise Foundation at the announcement. Collectively these organizations will make available $209 million worth of incentives to build 1,000 new environmentally-friendly, "green," homes in Massachusetts.

"Combining affordable housing and environmentally-friendly smart growth isn't just about dollars and cents. It's about promoting common sense," said Romney. "By simultaneously investing in affordable housing and smart growth, Green Communities will help support our economy while maintaining the kind of diversity and healthy environment that makes Massachusetts such a great place to work, live and raise a family."

This project is not expected to require any new taxpayer dollars. MassHousing will provide approximately $125 million in mortgage financing.

"These are exciting new additions to the menu of financing options available to housing developers in Massachusetts," said Tom Gleason, executive director of MassHousing. "The typical affordable housing developer usually is on a tight budget and doesn't have the money to explore "green" building techniques, but with these new resources they can do more."

Enterprise will provide up to $75 million in private equity to developers from the sale of low-income housing tax credits. Enterprise will also provide up to $500,000 in grants and loans for the pre-development, acquisition and construction of projects which meet specific "green" building criteria.

"This partnership will produce healthier, more energy efficient, affordable housing for residents across the Commonwealth," said Rob Pratt, director of the Renewable Energy Trust which is located within the MTC. "We are putting funding from the Renewable Energy Trust to work in clean energy projects and businesses throughout the state, which helps our environment and our economy."

MTC will provide $8.5 million in grants specifically for renewable energy technologies such as photovoltaic panels, wind powered electricity generators, water-powered electricity generators and fuel cells that are used in the construction of affordable housing.

Massachusetts Green Communities is part of the National Green Communities Initiative. It is a five-year, $555 million commitment to build more than 8,500 environmentally responsive affordable homes.