New Compact With State Lawmakers Could Lift Shrewsbury Housing Market

Increasing the supply of housing stocks is one of the biggest priorities for Shrewsbury and many other municipalities in Central Massachusetts. They are collaborating with lawmakers at the state level to formulate a plan to create new single family housing units to meet rapidly growing demand. Lt. Gov. Karyn Polito recently signed a new compact with Shrewsbury and two other cities, which will help spur economic growth. The partnership is expected to stimulate the housing market in the coming year.

Bill Expected to Boost Economic Growth

Economic growth in Central Massachusetts has surpassed most other parts of the country in the past two years. However, lawmakers are confident that new policies and jurisdictional partnerships will boost GPD even further.

Shrewsbury, Westborough and Lancaster have all pledged to boost economic growth in the coming year. Polito is confident that the new proposal will help them reach their targets.

“We are pleased to announce these new partnerships between Shrewsbury, Westborough, Lancaster and the Commonwealth,” Polito told Wicked Local. “Each Compact represents a pursuit of best practices in financial reporting, service regionalization and economic development, and our administration looks forward to providing assistance for these self-selected initiatives.”

Housing Development Will Be a Key Component of Economic Compacts

The economic compacts will largely focus on infrastructural and housing development. Officials from Shrewsbury, Westborough and Lancaster all feel that any concerns of a looming housing shortage will be dramatically reduced after the new programs go into effect.

Citizens throughout the central part of the state have been very vocal about the housing shortage. Citizens in Boston started becoming particularly irate about the lack of housing last year, but citizens of Shrewsbury and other cities have also expressed some concerns. They will be more content after the new housing construction commences.

Details of the New Projects Being Laid Out

The new initiatives will play a significant role in boosting housing construction and job growth in Shrewsbury and other participating cities. However, some of the details need to be ironed out before they can proceed.

The compact requires each of the three cities to establish a set of goals and a general plan to determine how they will achieve them. Shrewsbury will need to take an assessment of its housing needs, figure out where the best places to build are and create a timeline to meet construction projections. After these plans are submitted to Polito for approval, they should receive the funds needed to start.