In another first for the Bay State, Gov. Maura Healey announced the first-of-its-kind green bank that will be dedicated to making affordable, eco-friendly housing.
The Massachusetts Community Climate Bank will provide capital to encourage the use of clean energy and efficient technology in new housing developments. Think: Heat pumps, high-efficiency appliances, and solar panels.
This program will also help speed up Boston’s climate goals for greenhouse gases and decarbonization projects, including a 49% reduction in greenhouse gas emissions from residential heating by 2030. This is a game changer, since the building sector contributes over 25% of the total greenhouse gas emissions in the Bay State.
Curious where the money is coming from? The green bank will launch with $50 million in state funding from the Department of Environmental Protection. State officials also hope to utilize federal funds from the Inflation Reduction Act + attract private sector.
The bank will be housed within MassHousing, which already manages the state’s affordable housing finance + investment bank.
In the beginning, the bank will focus on the affordable housing market. Over time, the bank will offer additional decarbonization measures that will support local communities.