Awards are made through an annual competitive submission process. MassDevelopment becomes engaged in large-scale projects either through special action of the Governor, legislative mandate or as requested by local communities. 25 percent of the bond proceeds may be used for environmental remediation. Bonds are sold either through public markets or private placements to institutional investors. The project must benefit low or moderate income persons, remove blight, or address health and safety threats.
Municipalities apply on an annual basis.
Guarantees loans with the municipality's future annual CDBG allocation. Massachusetts Community Capital Fund - State program that provides flexibly structured debt for businesses that will create or retain jobs for low or moderate income residents. Can be used for site cleanup, new construction, renovation, site acquisition, working capital, etc. Municipalities apply on behalf of businesses. Demolition of Abandoned Buildings Program - State program that funds demolition of abandoned buildings that pose serious health and safety threat.