Old Colony Planning Council (OCPC)
Recovery Zone Bond Programs
Friday, October 16, 2009
- As part of the Patrick-Murray Administration’s Massachusetts Recovery Plan to
secure the state’s economic future, Governor Deval Patrick has signed an
Executive Order that will open the state’s Recovery Zone Bond Program. The
Recovery Zone Bonds, authorized through the American Recovery and Reinvestment
Act (ARRA), support both public and private development efforts by offering
favorable borrowing rates for projects within areas designated as “Recovery
Zones”.
The Governor’s Executive
Order identifies existing state Economic Target Areas (ETAs)
as Recovery Zones thereby rending projects within those 209 communities as
eligible for consideration. The Secretary of Housing & Economic Development
may designate additional Recovery Zones at his discretion.
As authorized by the
ARRA,
Governor
Deval Patrick issued Executive Order 514 designating Recovery Zones in the
Commonwealth and providing for the allocation of $556M in Recovery Zone Bond
volume cap. View the Executive Order and map of Recovery Zones here.
·
Recovery
Zone Frequently Asked Questions
Learn about
the Recovery Zone Bond Programs.
·
Recovery
Zone Economic Development Bonds
A total of
$222,676,000 in RZED bonds are available to fund
public infrastructure projects in municipalities that are located within a
designated Recovery Zone.
·
Recovery
Zone Facility Bonds
A total of
$334,013,000 in tax-exempt RZFBs are
available to finance private capital projects.
·
City
and County Waiver Information
Any city or
county that received an allocation of Recovery Zone Bonds through ARRA may
waive its allocation to the