President of Massachusetts Housing Investment Corporation Testifies Before Congress
The President of the Massachusetts Housing Investment Corporation, Joseph Flatley, appeared before the House Financial Services Committee in D.C. He appeared before the Committee to speak in support of legislation designed to maintain the strong enforcement of the CRA or Community Reinvestment Act. Although people who own or purchase Boston luxury condos or Boston luxury apartments are not impacted by the CRA, those individuals who are in the Boston real estate market seeking affordable housing alternatives are effected by the CRA.
According to Flatley, the CRA provides about $400 billion nationally to assist in community redevelopment, including money being spend within the Boston real estate market. This includes money being made available in the Boston real estate market to ensure the availability of affordable Boston apartments. CRA funds are also expended on other projects designed to have a positive impact on the community. This includes CRA money being used for community centers, daycare centers and the like.
Experts maintain that by working to stabilize one segment of the Boston real estate market – for example, the affordable housing market – a positive impact is had on all aspects of the Boston real estate market, including the high end market segment that includes Boston luxury condos and Boston luxury apartments.
Comments are closed.