State to direct money returned from GE sale to housing
BOSTON (AP) — Massachusetts plans to use $86 million it received through the sale of General Electric’s Boston headquarters to fund an affordable housing program.
Gov. Charlie Baker’s administration announced Tuesday that $60 million will go toward hundreds of new homes for first-time homebuyers with moderate incomes. The remaining funds will be directed toward the creation of 260 new rental units.
GE announced in February that it was downsizing its world headquarters in Boston and would return money that Massachusetts spent as part of an incentives package to lure the company from Connecticut in 2016. The company decided to sell a waterfront parcel it had originally eyed for a 12-story office building.
Baker also continues to seek passage of legislation he says will address a statewide shortage of affordable housing.