State Releases $14B Capital Investment Plan| 04:05PM / Saturday, June 24, 2023 | |
BOSTON — The Healey-Driscoll Administration released its Fiscal Year 2024 (FY24) to Fiscal Year 2028 (FY28) Capital Investment Plan (CIP), which invests more than $14 billion over five years.
The more than $14 billion in investments in the FY24-FY28 CIP complement and build on the funding proposed in the administration's inaugural operating budget, with a particular emphasis on advancing climate, economic development and housing goals – including the creation of a new $97 million HousingWorks program.??
"Our FY24-FY28 capital plan includes major investments that are designed to make Massachusetts more affordable, competitive, and equitable for everyone," said Governor Healey. "It starts with addressing the high cost of housing by investing historic levels of funding into housing development, preservation and rehabilitation and creating HousingWorks, a new program dedicated to expanding affordable housing. It also moves us forward on our climate and transportation goals, underscoring the important role that electrification plays in protecting our environment and improving public transportation service. We're also expanding support for tried-and-true economic development programs and dedicating crucial resources to updating infrastructure across the state."?
Since taking office, the Healey-Driscoll Administration has been focused on establishing the structures and resources needed to tackle the state's housing crisis, including establishing the new Executive Office of Housing and Livable Communities (EOHLC). The capital plan continues these efforts through investment in housing, with over $1.5 billion committed to housing initiatives, including programming to support the construction of hundreds of new, affordable housing opportunities each year.??
As part of this investment, the CIP dedicates $97 million in FY24 to launch a new HousingWorks program – a pioneering initiative from EOHLC that leverages existing programs and an injection of new funding to create a more flexible funding tool for increasing housing production. The creation of HousingWorks also unlocks an additional $19M in capacity for the popular MassWorks program.??
The capital plan also reflects the administration's commitment to meeting the state's climate goals, with decarbonization and climate-conscious investments woven throughout the plan. Through FY28, the plan invests over $1.4 billion in the state's transportation systems to reduce emissions through electrification, create more sustainable modes of transportation, and build resilient infrastructure prepared to withstand the impacts of a changing climate. Over five years, the plan also includes over $1.6 billion to fund more than 40 state building decarbonization projects.??
The administration's first capital plan also provides resources to drive economic development, preserve and modernize state infrastructure, invest in cities and towns, and make government more effective for its residents.??
"This capital plan is bold in its investments while still being fiscally responsible," said Secretary for Administration and Finance Matthew J. Gorzkowicz. "We are proud to be able to both carefully manage the state's financial obligations and make critical investments that meet the moment and set the Commonwealth up for success. The FY24-FY28 CIP is a responsible and sustainable spending plan that invests thoughtfully in the state's people, its economy, and its future."?
Notable investments in the FY24-FY28 CIP include:?
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The FY24-FY28 Capital Investment Plan represents a historic investment in housing, with over $1.5 billion committed to help finance the construction of hundreds of new, affordable housing opportunities each year. Specifically, the plan includes:?
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A new $97 million per year HousingWorks program – a pioneering initiative from the new Executive Office of Housing and Livable Communities that builds on the successful MassWorks model and leverages an injection of new funding plus the consolidation of several smaller housing programs to create a flexible tool for housing development, preservation, and rehabilitation; will enable 200-300 new units of affordable housing each year.?
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In addition to HousingWorks, the FY24-FY28 CIP invests $90 million per year toward housing acquisition, rehabilitation, and development.??
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The plan also includes $120 million per year to preserve the Commonwealth's existing public housing stock, which consists of more than 43,000 units.?
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Record climate investments are woven throughout the entire capital plan, including:?
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Over $1.4 billion through FY28 to reduce emissions through transportation electrification, creation of sustainable transportation alternatives, and construction of resilient infrastructure to withstand the impacts of a changing climate.?
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Consistent with the requirements of Executive Order 594, the plan invests over $120 million toward a zero-carbon future by supporting the conversion of central plants and moving away from on-site fossil fuels in state buildings.??
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Over five years, the plan funds more than 40 projects at state buildings with a focus on decarbonization, with total project values over $1.6 billion.?
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Municipal climate-focused grants will receive over $125 million in funding in the FY24-FY28 CIP. In FY24 alone, EEA will provide nearly $24 million for the Municipal Vulnerability Preparedness (MVP) planning and grant programs.?
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The CIP also continues the Healey-Driscoll Administration's commitment to investing in environmental justice, including $736,000 to unlock $4.1 million in federal funds for ambient air monitoring, as well as the strong support for community-based resiliency programs and funds for parks, trails, and open spaces.
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Through FY28, the Executive Office of Economic Development will invest $1.2 billion in capital funding throughout the Commonwealth, including:?
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$163 million to strengthen communities across the state, including grant opportunities available through the Community One Stop for Growth application portal.?
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Nearly $80 million will be invested in innovation, life sciences, and advanced manufacturing to maintain the Commonwealth's position as a leader in these key industries. This includes funding for the Massachusetts Life Sciences Center, Massachusetts Manufacturing Innovation Institute, and MassVentures START program.?
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An additional $19 million in capacity for MassWorks, made possible by the shift of housing-focused grants to the new HousingWorks program.?
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$262 million towards replacing the Cape Cod bridges, ultimately ramping up to a $700 million total long-term commitment.?
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Investing $106 million over the next five years to fund the construction of a new, modern Hall of Justice in Springfield to replace the current aging facility.??
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Funds the construction of new veterans' homes in Chelsea and Holyoke.?
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Over $270 million is invested annually in local transportation programs, including $200 million for Chapter 90.?
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$134 million in library construction grants to support the renovation and expansion of municipal libraries across the Commonwealth.?
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$50 million in Cultural Facilities Fund grants will be awarded through FY28.?
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$74 million in local support for investments in technology through capital programs through FY28.?
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$840 million in funding for modern, climate-resilient higher education campuses across the state.?
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Funding to replace the old Shattuck Hospital in Jamaica Plain with a newly renovated facility on the site of the former Boston Medical Center Hospital in Boston's South End.?
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$421 million in IT upgrades in FY24 alone, including projects to:?
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Upgrade electronic health records management at the Executive Office of Health and Human Services.?
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Make interoperability upgrades at the Executive Office of Public Safety and Security.?
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Develop an integrated and modernized data repository at the Executive Office of Education.?
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$10 million will launch the Executive Office of Technology Services and Security Digital Roadmap, improving access to all Commonwealth digital services.?
The Governor's Capital Investment Plan message and details on specific CIP investments can be found here.?
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