January 24, 2024
Governor Healy Files 2025 Fiscal Budget
Abhi Kurve, CHAPA Deputy Director of Public Policy
On January 24th, Governor Healey revealed the FY2025 budget proposal of $56.1 billion for the upcoming fiscal year, focusing on investments in education, infrastructure, and housing.
Revenue & Budget:
This budget represents an increase of 2.9% from the previous fiscal year (FY24), reflecting restrained revenue growth. The $56.1 billion budget allocates full funding for the Student Opportunity Act, boosts local aid, and covers the costs of tax reductions implemented last year. It includes an anticipated $1.3 billion in revenue from the Fair Share surtax, which is earmarked for education and transportation initiatives.
To manage the gap between revenue and spending, the budget trims $450 million from various items and avoids $500 million in additional spending. The Rainy Day Fund is expected to receive a $97 million deposit. For more information on the revenue estimates and budget rationale, check out the FY2025 Budget briefs by the Administration.
Affordable Housing Priorities:
Many of CHAPA's affordable housing priorities received an increased investment in the Governor's FY2025 budget proposal while many others received a level of funding and some of them had lower allocations than FY2024. Please see our Language analysis of the affordable housing priorities for policy details.
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Additional ResourcesDecember 15, 2022
Baker-Polito Administration Celebrates Housing Choice Grant in Medway
Part of Community One Stop for Growth Portfolio, Program is Awarding $3,913,384 to 36 Projects
Housing and Economic Development Secretary Mike Kennealy, Undersecretary of Community Development Ashley Stolba, and Department of Housing and Community Development (DHCD) Community Services Division Deputy Director Chris Kluchman were joined by state and local officials in Medway to celebrate the Housing Choice Grant Program awards, which include $3,913,384 to 36 projects. Among the awards, the Town of Medway received a $50,000 grant to establish multifamily housing zoning district(s) that comply with Section 3A of MGL Chapter 40A, the Multifamily Zoning Requirement for MBTA Communities.
At today’s event, officials also announced the opening of the FY24 Round of the Community One Stop for Growth Expression of Interest period, which will remain open through March 17, 2023.
“We are thrilled to see more communities leveraging state funding to pursue zoning reforms to help us meet the massive demand for housing of all kinds and comply with MBTA Communities guidelines,” said Governor Charlie Baker. “Municipal leaders understand how crucial thoughtful planning is for growing communities and changing needs, and today’s awards will help them undertake a variety of planning and small infrastructure projects to set them up for long-term success.”
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