Massachusetts Recovery Update
Week of October 19, 2009
The Massachusetts Recovery Update is a periodic email update of recovery-related news in the Commonwealth. If you find this information useful, please forward it to others and encourage them to subscribe or follow our updates via Twitter, RSS, or http://Mass.Gov/Recovery.
General Program Updates
Recovery Zone Bonds for Local Economic Development
The Recovery Zone Bond program authorized by the American Recovery and Reinvestment Act provides over $550 million in financing for public and private infrastructure investments in "shovel ready" projects. Massachusetts has received an allocation of $222,676,000 for Recovery Zone Economic Development Bonds, which finance public infrastructure and facilities and capital expenditures in Recovery Zones (areas designated by a state, county or large city as having significant poverty, unemployment, rate of home foreclosures, or general distress). The Commonwealth has also been allocated $334,013,000 for Recovery Zone Facilities Bonds, which maybe issued to qualified businesses in Recovery Zones for construction, renovation, reconstruction, or acquisition of property. Recovery Zone Facilities Bonds, issued by MassDevelopment, will be tax-exempt. Allocations are made directly to cities with populations greater than 100,000 and to counties based on declines in employment in 2008. The Executive Office of Housing and Economic Development working with the Executive Office for Administration and Finance and MassDevelopment will distribute Recovery Zone bonds volume cap to viable projects on a rolling basis through January 1, 2011. Learn more about Recovery Zone Bonds
Recovery Funds for Housing Projects
Last week Governor Patrick announced that $50.3 million from the Tax Credit Exchange Program under the Recovery Act will be used to revive 10 stalled housing projects across the Commonwealth. Ten projects in Amherst, Charlton, Chelmsford, Lunenburg, Plymouth, Wareham, Watertown, West Boylston, Westfield and Worcester will receive funds through the conversion of tax credits to grants. "This influx of funds will help keep our economic recovery on track by putting people back to work and by creating new affordable housing opportunities for families across Massachusetts," said Governor Deval Patrick. The Massachusetts Department of Housing and Community Development (DHCD) is implementing the program and awarded funds competitively based on projects that were shovel ready for construction and secure in all other aspects of project financing and permitting. Learn more about the Tax Credit Exchange Program
Opportunities for Municipalities:
Additional ARRA Information for Cities and Towns.
Opportunities for Individuals: Find a Job using JobQuest
Employers who create jobs using Recovery funding must post those job announcements to the Commonwealth's JobQuest system. A wide range of stimulus-related positions--ranging from career counselors to communication specialists are available. This system is constantly updated, so residents should check back for new opportunities.
For the most up to date ARRA business opportunities , head to Comm-PASS, the Commonwealth's sole online procurement record site which supports all bid and grant records related to any ARRA funds distributed by the Commonwealth of Massachusetts. Comm-PASS is available for use free of charge and provides you with the ability to search for a variety of contracts by either category or department.
For the latest recovery news and updates:
As always, please feel free to visit our website or contact the stimulus office at 617-979-8380 if you have any questions.