Healey proclaims tax credit score awards to construct virtually 700 new properties in six Mass. cities
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Historic buildings and former mills are set to turn into lots of of latest residences in Fall River, Lawrence, Lowell, Pittsfield, Taunton, and Worcester.
The Healey-Driscoll administration on Thursday introduced $18.6 million in tax credit to assist construct 662 new properties throughout six Massachusetts Gateway Cities, a part of the state’s effort to spice up housing manufacturing and revitalize downtown neighborhoods.
The Housing Improvement Incentive Program, or HDIP, awards tax credit to builders endeavor housing tasks in designated Gateway Cities. This yr’s funding will help tasks in Fall River, Lawrence, Lowell, Pittsfield, Taunton, and Worcester, a lot of which contain changing historic buildings and mills into residences or redeveloping underused properties.
Gov. Maura Healey stated the awards are supposed to assist communities transfer long-planned housing developments ahead as Massachusetts continues to grapple with excessive housing prices and a statewide scarcity of properties.
“Each neighborhood has completely different housing wants, and we have to give cities the instruments that work greatest for them to construct extra properties and decrease prices,” Healey stated in an announcement. “These awards will create 662 new properties, strengthen downtowns, and assist make Massachusetts extra inexpensive.”
Lt. Gov. Kim Driscoll unveiled the awards on the Durfee Block Flats in Fall River, one of many six tasks receiving funding. The event will obtain $1.5 million in tax credit to transform a historic downtown constructing into 22 rental residences.
In accordance to state officers, Massachusetts Gateway Cities are mid-sized communities designated for financial improvement initiatives due to their historic function as regional financial facilities and their potential for revitalization.
To qualify as a Gateway Metropolis, a municipality should have a inhabitants between 35,000 and 250,000, a median family revenue under the state common, and a smaller share of residents with bachelor’s levels in comparison with the statewide common.
In accordance with the administration, the six tasks receiving awards are:
- Fall River: $1.5 million to transform the historic Durfee Block into 22 rental residences.
- Lawrence: $2.5 million to redevelop a former mill constructing at 216 Canal St. into 99 rental residences.
- Lowell: $3.2 million to assist construct 80 rental residences and business house on the Franco American Faculty redevelopment.
- Pittsfield: $4 million to transform a historic workplace constructing on North Park Sq. into 23 residences, together with retail house and a business kitchen.
- Taunton: $3.8 million to exchange a former mill with a 390-unit condo improvement.
- Worcester: $3.6 million to transform the historic Clark Block into 48 rental residences, together with 5 inexpensive items.
The growth follows a tax aid package deal Healey signed in 2023 that tripled this system’s annual authorization from $10 million to $30 million and included a one-time $57 million infusion to speed up housing improvement in Gateway Cities.
Healey’s administration has awarded HDIP tax credit to 52 tasks anticipated to create greater than 3,400 new properties throughout 16 Massachusetts cities, in accordance with a press launch.
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