GOVERNOR PATRICK VISITS BORINQUEN APARTMENTS CONSTRUCTION SITE TO TOUT JOB CREATION, ECONOMIC REVITALIZATION
Redevelopment project to yield 41 rental units; create 78 jobs
Governor Deval Patrick visits the Borinquen Apartments construction site in Springfield to highlight the importance of this project in spurring job creation and private regional development.(Photo credit: Matt Bennett/Governor's Office)
SPRINGFIELD - Friday, August 27, 2010 - As part of the Patrick-Murray Administration's historic $4 billion Massachusetts Works program that will put nearly 20,000 people to work across the Commonwealth, Governor Deval Patrick today visited a construction project underway at the Borinquen Apartments in Springfield to highlight the importance of this project in spurring job creation and private regional development. This project, funded by a combination of federal and state dollars, including $8.1 million in federal recovery tax credit exchange funds from the U.S. Treasury Department, will create an estimated 78 construction jobs.
When completed, the Borinquen Apartments will yield affordable rental units for 41 low-income families in two historic buildings on Main, Huntington and Greenwich Streets. Project partners include Flores Development, Elm Street Development and New England Farm Workers Council.
"Putting people to work, creating new affordable housing opportunities and strengthening communities are our top priorities," said Governor Patrick. "This is one of hundreds of projects that are breaking ground this year around the Commonwealth, and that means thousands of new homes and jobs."
Over the past year, the Patrick-Murray Administration has awarded more than $168 million in tax credit assistance and exchange recovery funds from the federal government to revive 32 developments just like the Borinquen Apartments project throughout the Commonwealth. Those projects are expected to generate more than 3,000 jobs and provide nearly 2,000 new housing units, 1,669 of which will be affordable for low- and moderate income working families.
"This is another positive step for the city of Springfield and the region. Not only will this project provide many jobs to help move the economy forward but it also provides more suitable living areas for Springfield residents. As Springfield continues to grow with more employment opportunities, people will need affordable living areas. We are fortunate to have a Governor that has stayed committed to this region," said Representative Brian Ashe.
"The Borinquen Apartments project is an excellent example of how our economic recovery efforts can create jobs and deliver long term value for our communities. This project will help create jobs in the construction sector, which has been particularly hard hit in the economic downturn, while also providing a newer, safer housing option for hard-working residents of Springfield," said Representative Cheryl Coakley-Rivera.
"I commend Governor Patrick and his administration for the continued assistance to Springfield. He has been a true gentleman and friend to myself and to Springfield. This derelict, fire-ravaged building is being transformed for mixed use to become an asset and anchor in the North End neighborhood. I want to commend Herbie Flores, the New England Farm Workers Council, and my own Administration for their work on this project. From ashes rises a positive addition to the neighborhood," said Mayor Dominic J. Sarno.
Since day one, Governor Patrick's top priority has been to create jobs and build a stronger economic foundation for the people of Massachusetts. Through fiscally responsible, targeted investments in the life sciences and clean energy sectors, along with the largest investment in our public infrastructure in decades, the Patrick-Murray Administration is putting people back to work across the Commonwealth. As a result, Massachusetts is emerging from the recession faster and stronger than any other state in the nation.
July was the sixth straight month of job gains in Massachusetts - with a total of over 60,000 jobs added since December 2009. In April, the Commonwealth had the largest single monthly job gain in 17 years, adding 19,000 jobs to our economy. Additionally, CNBC recently ranked Massachusetts the fifth best state to do business in, a significant improvement from 15th in 2008 and eighth in 2009. It also marked the first time in the history of the rankings that Massachusetts has finished in the top five.
The Federal Reserve Bank of Philadelphia reports that since the national recession began in December 2007, Massachusetts' economy has performed better than 33 of the 50 states. In the last quarter of 2009, Massachusetts outperformed 48 other states. And, expressly citing the Governor's successful management through the national fiscal crisis, all three national rating agencies - Standard & Poor's, Fitch and Moody's - have re-affirmed the state's AA bond rating.
To learn more about the Governor's job creation and economic growth initiatives, visit www.ma.gov/governor/jobs.###