Massachusetts Gov. Charlie Baker outlined an initiative for developing unused or underused state properties into new affordable or market-rate housing opportunities.
The Real Estate Asset Leveraging, or REAL strategy, could reduce government expenses and increase revenue and capital investment in state properties without new taxes, Baker said in an Oct. 19 statement.
“We are excited to invite the private sector and community partners to participate in this process and look forward to unleashing their creativity,” Baker said in a statement.
Across state agencies and authorities, the commonwealth highlighted 42 near-term opportunities for public-private partnerships at an open house for interested parties.
An inter-governmental working group, which the Executive Office for Administration and Finance is coordinating, will regularly evaluate proposals and, develop ideas. The plan also calls for using a private consultant to help the commonwealth develop a project pipeline.
Baker also wants to reactivate the sparingly used Asset Management Board as a flexible tool to work with the private sector on long-term leases.
In addition, the group will target partnership with the Massachusetts Bay Transportation Authority and its parent, the state Department of Transportation, for fuel sales, automated teller machines and new service plazas.