FALL RIVER – Lieutenant Governor Kim Driscoll appeared in Fall River on Thursday, July 9 to announce $18.6 million in Housing Development Incentive Program (HDIP) tax credit awards for six housing projects that will create 662 new housing units in gateway cities in Massachusetts.
The tax credit awards include $3.6 million for the Clark Block Rehabilitation Project in Worcester. That project is an adaptive reuse of a historic building that will create 48 new rental units, including five affordable units.
“Gateway Cities are critical to Massachusetts’ housing future, and they know better than anyone what their communities need to grow,” said Lieutenant Governor Kim Driscoll. “These investments build on strong local partnerships to create more homes, lower costs, revitalize downtowns and ensure these communities continue to thrive for generations to come.”
Three criteria define gateway cities in Massachusetts:
- population greater than 35,000 and less than 250,000
- median household income below the state average
- rate of educational attainment of a bachelor’s degree or above that is below the state average
There are currently 26 gateway cities across the state.
According to the state, HDIP creates housing in Gateway Cities by providing tax credits to advance market-rate rental and homeownership projects that strengthen downtowns, reuse vacant or underutilized buildings and help communities expand their housing supply. The program helps close financing gaps and make transformative housing developments financially feasible in areas where construction can be more challenging.
The other projects receiving tax credits announced today are:
- Durfee Block Apartments, Fall River: $1.5 million to Monte Ferris Jr. to support the adaptive reuse of a historic building in downtown Fall River into 22 rental homes.
- 216 Canal Street, Lawrence: $2.5 million to 216 Canal LLC to support the adaptive reuse of a mill building in Lawrence’s canal district into 99 rental homes.
- Franco American School Phase III, Lowell: $3.2 million to TMI Property Management to support new construction of 80 rental homes and commercial space.
- 24-34 North Park Square Residences, Pittsfield: $4 million to Allegrone Companies to support the adaptive reuse of a historic office building in Pittsfield’s Park Square into 23 rental homes, with street-level retail and a commercial kitchen.
- Whittenton Mill Apartments, Taunton: $3.8 million to Greystar to support the demolition of a former mill and new construction of 390 rental homes.
Image Courtesy of Mass.gov.
