FY2024 Budget Invests in Housing Programs as Gov. Healey Signs State of Emergency
Governor Maura Healey signed the $56 billion budget for Fiscal Year 2024 into law on August 9th. The budget increased spending by 6.2%, with a heavy focus on housing, compared to the FY2023 budget signed by former Governor Charlie Baker.
A myriad of housing programs and initiatives saw a large funding allocation in the FY2024 budget such as the Massachusetts Rental Voucher Program (MRVP). The MRVP works to provide assistance for low-income families in the Commonwealth by providing financial assistance towards housing. MRVP aids families and individuals who pay 30% of their monthly income towards rent with a subsidy that covers the remainder of the cost. As of February 2023, the MRVP has assisted 9,500 households through 8 regional non-profit agencies and 112 local housing authorities. In the recent budget, MRVP received $179.5 million to continue the work of assisting low-income residents in Massachusetts.
The budget also allocates $37 million toward the HomeBASE program, which provides help to families in the emergency shelter assistance system. The program can provide funds for furniture, first and last month’s rent, and other costs that come with finding permanent housing.
The FY2024 budget also includes the creation of the Executive Office of Housing and Livable Communities (EOHLC). The EOCHLC works with local housing authorities, non-profits, and other organizations to provide financial assistance and housing support for Massachusetts residents. The budget also protects renters by making the law known as Chapter 257 permanent. Chapter 257 prevents individuals from eviction if they have pending rental assistance applications. Lawmakers allowed for the policy to expire in March of this year, but the inclusion in the budget will allow the pandemic-era initiative to be reinstated.
These investments come at a time when the housing crisis is at an all-time high in the Commonwealth. Data from the National Low Income Housing Coalition (NLHC) shows that Massachusetts has a shortage of approximately 175,000 rental homes for low-income renters. According to NLHC, the average income to afford a two-bedroom rental in Massachusetts is $86,613.A July 2023 report found that the median rental cost of a one-bedroom apartment in Boston was $2,800, making it the fourth most expensive city in the country to rent in.
On August 8th, Gov. Maura Healey declared a state of emergency surrounding the housing and migrant crisis in the Commonwealth. The declaration “serves as a notice to the federal government and the Commonwealth that the state’s shelter system is rapidly expanding capacity in an unsustainable manner” according to the press release from the governor’s office. The declaration comes as Massachusetts’ shelter system has been strained due to the influx of migrant families seeking shelter and assistance.
With all this said, housing policy is and will continue to be a hot topic issue here in Massachusetts. InstaTrac makes it easy to stay up-to-date on changes to housing initiatives as they happen. With our services, you can track bills and amendments, search for bills, laws, press releases, news articles by keyword. We also offer transcripts of hearings in case you missed it, or need to rewatch. Email us at info@instatrac.com to find out more! Also, be sure to follow us on Instagram, LinkedIn, and Twitter!