Massachusetts Gov. Maura Healey has unveiled the Massachusetts Community Climate Bank, which is promoted as the nation’s first green bank dedicated to affordable housing.
This new endeavor is financed with $50 million from the state’s Department of Environmental Protection and has the goal of reducing of greenhouse gas emissions from the multifamily building sector. According to a statement from the governor’s office, the Climate Bank will seek private sector capital and federal funds available under the Inflation Reduction Act to finance building retrofits. Over time, the bank will diversify investments to include other decarbonization measures that benefit communities.
“The Massachusetts Community Climate Bank will be our financial engine for moving forward on our climate goals, relieving the pressure of high housing costs, and creating good jobs and healthier communities,” said Governor Maura Healey. “This first-of-its kind initiative is going to make our state more competitive, affordable, and equitable – and it’s going to show that in Massachusetts, we can lead the world by leading with our values and leaving no community behind.”
The Massachusetts Community Climate Bank is located within MassHousing, the state’s affordable housing finance and investment bank, and will work in partnership with the Massachusetts Clean Energy Center and MassDevelopment on the identification, development, financing and execution of clean energy projects.
;
