MILTON – July 28, 2025 – Lieutenant Governor Kim Driscoll, Housing and Livable Communities Secretary Ed Augustus and MassHousing CEO Chrystal Kornegay joined the Joseph J. Corcoran Company and officials from the Town of Milton today to celebrate the groundbreaking for the Residences at East Milton.

The residences at East Milton represents the latest milestone in implementation of the Healey-Driscoll Administration’s Affordable Homes Act. The 92-unit mixed-income rental community, developed by Joseph J. Corcoran Company and Falconi Properties, is the first project to receive public equity investment through the Administration's Momentum Fund, and the first project to proceed to construction.

"This development represents a critical step forward in our mission to tackle the housing shortage and create more reasonably-priced homes for residents across Massachusetts," said Governor Maura Healey. "By partnering with local developers and leveraging innovative tools like the Momentum Fund, we are making a real impact for individuals and families who need more affordable housing options. The Residences at East Milton is a great example of how we are delivering on our promise to lower costs for Massachusetts residents."

"As we work to address the housing shortage, partnerships like the one we’re celebrating today are key to accelerating housing production," said Lieutenant Governor Kim Driscoll. "The Residences at East Milton exemplify how public-private collaboration can transform underutilized spaces into vibrant communities. This project not only creates much-needed homes but also supports our goal of providing housing opportunities for people at every income level, strengthening both local communities and the economy."

"The Momentum Fund is a game-changer in how we get the housing we need built in Massachusetts," said Housing and Livable Communities Secretary Ed Augustus. "It gives us the ability to partner with forward-thinking developers to put real dollars behind shovel-ready projects. The Residences at East Milton is a powerful example of how this innovative approach can help create vibrant, mixed-income communities. We’re proud to see the first Momentum Fund project break ground and open up more housing opportunities for people across Massachusetts."

The Momentum Fund was created by the Healey-Driscoll Administration under the Affordable Homes Act, the largest and most ambitious housing bond bill in Massachusetts history. This is a new tool in the state's housing toolkit to accelerate the production of housing – especially middle-income units – without relying on typical grant and subsidy resources. The Momentum Fund seeks to leverage low-cost public capital with the expertise of private developers and incentivize already permitted and much needed housing projects to commence construction. By leveraging this new financing tool, more homes can be built sooner, and help provide much needed units for families, seniors, and young adults. MassHousing aims to support the creation of more than 1,000 new units of multifamily housing with $50 million of state investment capital and is evaluating how to further expand this goal with co-investment partnerships.

The Residences at East Milton will advance the revitalization of East Milton Square by creating 92 new mixed-income rental homes on the site of a formerly underutilized commercial property. Joseph J. Corcoran Company and Falconi Properties permitted the new housing under Chapter 40B, the state's affordable housing development law. The $52 million development project is utilizing $5 million in Momentum Fund equity, as well as $29.8 million in permanent mortgage financing from Freddie Mac, Berkadia and MassHousing.

Momentum Equity and MassHousing’s mortgage financing partnership with Berkadia and Freddie Mac were designed to lower the financing costs faced by housing developers and mobilize private investment in housing production, allowing new housing to proceed to construction in a higher-cost environment, and ultimately helping to deliver more housing to Massachusetts residents.

"The Residences at East Milton is a first-of-its-kind transaction that demonstrates the impact of this new, innovative housing finance solution," said MassHousing CEO Chrystal Kornegay. "The Momentum Fund is pairing mission-driven public investment with private capital to mobilize investment in new housing opportunities for Massachusetts residents. The Healey-Driscoll Administration’s leadership on housing is allowing us to accelerate new housing production and invest in communities."

"We are proud to partner with Falconi Properties to deliver beautiful, modern homes to the heart of East Milton, and bring much-needed affordable housing to the area," said Sean McReynolds, President of the Joseph J. Corcoran Company. "Our model emphasizes holistic development and focuses on meeting today’s urgent call for housing stock. This project would not be possible without the support of the Healey-Driscoll Administration and their commitment to creative solutions that spur housing production. As the first recipients of public equity from the Momentum Fund to break ground, we look forward to delivering a strong case study for what’s possible through public-private partnership."

Massachusetts is a national leader in financing the production and preservation of affordable housing. The state's housing needs reach beyond traditional affordable housing. The Healey-Driscoll Administration's new statewide housing plan found that Massachusetts must create 222,000 new homes by the year 2035, in order to support a growing economy and meet housing needs of residents of all ages and incomes. The need for new housing production exists across Massachusetts, at all income levels.

Prior to the Healey-Driscoll Administration's Affordable Homes Act, Massachusetts lacked an effective tool for supporting the production of new market-oriented, mixed-income homes. The $50 million Momentum Fund, proposed by Governor Healey and enacted as part of the Affordable Homes Act, allows public financing to partner with private capital, in order to build more homes, more quickly, in more Massachusetts communities.

The Momentum Fund offers developers of mixed-income housing an efficient and predictable source of stable equity financing. Momentum Equity is not a subsidy or a grant, but it is designed to be flexible compared with other equity available in the commercial market. Momentum Equity financing is designed to blend with privately financed equity and revolve over time, creating a permanent source for mixed-income housing growth.

The Residences at East Milton will create a total of 92 new mixed-income rental homes, including 13 studio residences, 39 1-bedroom residences, 30 2-bedroom residences and 10 3-bedroom residences. Twenty-three of the new rental homes will be deed-restricted as affordable and rented to residents earning up to 80 percent of the area median income, while the remaining units will be rented at market rates.

Metro Credit Union is the project's construction lender. The general contractor is Plumb House Inc., the project's architect is VMY Architects LLC, and the management agent will be Corcoran Management Company. Construction is expected to be completed in the spring or summer of 2027.

About Joseph J. Corcoran Company

As a mission-driven private development company, JJC partners with municipalities and housing authorities to realize projects that create and preserve the diverse types of housing that enrich our communities. The firm has previous experience working with the Executive Office of Housing and Livable Communities (EOHLC) as the recipient of the first demonstration of the Partnership to Expand Housing Opportunities (PEHO) with the Chelsea Housing Authority on the $155 million redevelopment of the Innes Apartments into a mixed-income community. Additionally, JJC is the designated developer on the $1.5 billion redevelopment of the Boston Housing Authority’s Bunker Hill development, a massive undertaking that, at completion, will reconstruct over 1,000 units of federal public housing alongside market-rate apartments with top-notch amenities. JJC takes great pride in its ability to work closely with residents, communities, and public entities to guide ambitious and innovative projects from concept to completion.

About MassHousing

MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 to confront the Commonwealth's housing challenges. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations. As a mission-driven agency, MassHousing uses housing finance to strengthen communities and lay the foundation for economic prosperity. Since its inception, MassHousing has provided more than $29 billion in housing finance. For more information, visit the MassHousing website at www.masshousing.com. 

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