U.S. Markets closed

Mass. Senate approves affordable housing bill

BOSTON (AP) -- The Massachusetts Senate has approved a bill authorizing $1.4 billion in spending over the next five years aimed at creating and preserving affordable housing in the state.

Senate President Therese Murray said the bill will help spur local economic development and create jobs while helping local cities and town meet their housing needs.

The bill includes $305 million for the state's Affordable Housing Trust Fund to build and protect affordable housing for households at or under 110 percent of the area median income.

The bill also includes $135 million for the state's Housing Stabilization and Investment Trust Fund dedicated to the acquisition, preservation and rehabilitation of affordable housing.

The Senate and House versions of the bill now head to a conference committee to craft a single compromise bill.