Governor Healey Awards $15 Million in Housing Development Funds to Build 829 Homes in Gateway Cities

 Governor Healey Awards $15 Million in Housing Development Funds to Build 829 Homes in Gateway Cities  

Healey-Driscoll Administration Kicks Off 2025 Funding Round with Six New Projects 

  

REVERE — Today Governor Maura Healey and Housing and Livable Communities Secretary Ed Augustus announced $15 million in Housing Development Inceptive Program (HDIP) awards to create 829 new homes in six Gateway Cities, kicking off the program’s first funding round of 2025. 

The announcement took place in Revere, which is receiving two awards for the overall development of market-rate housing on the former Suffolk Downs site with the Portico 1 and 2 projects. The additional five awardees in the funding round include the Bedford Street Lofts in Fall River, 533 Main Street in Fitchburg, District Square in Haverhill, 484 Merrimack in Lowell, and 17 Pearl in Worcester. 

“These HDIP awards are a powerful tool in helping our Gateway Cities create housing and revitalize our downtowns, neighborhoods and underutilized properties,” said Governor Healey. “Our expansion of the HDIP program under my tax cuts package has played a critical role in driving the nearly 100,000 new homes that have been built or are under development since we took office. These awards are helping communities build the housing they need, supporting local economies and ultimately making housing more affordable and attainable for everyone.”  

“People in Massachusetts are excited to build a life, a career, and a family in our great state, and we know they need reasonably-priced housing options that help them achieve those goals,” said Lieutenant Governor Kim Driscoll. “By supporting these exciting projects in six Massachusetts cities, we’re strengthening our communities, creating more affordable housing, and building a brighter future for us all.” 

“I’m proud to be part of the Healey-Driscoll Administration, which really grasps the importance of partnering with our communities to build more housing of every kind," said Executive Office of Housing and Livable Communities Ed Augustus. “HDIP is one of the most effective tools we have to spur market-rate housing development in Gateway Cities. The developments receiving awards today not only create more homes, they are also transformative – restoring pride and helping create the type of neighborhoods where people aspire to live.” 

Signed by Governor Healey in October 2023, the annual HDIP program cap was raised to $30 million annually with a one-time increase of $57 million. This resulted in the administration awarding a total of $72 million to create 1,544 new housing units in Gateway Cities in 2024. HDIP is an effective and valuable tool for the state’s Gateway Cities to produce more market-rate housing to support economic development, expand the diversity of the housing stock and create more vibrant neighborhoods. 

Today’s announcement follows the recent one-year anniversary of Governor Healey signing the Affordable Homes Act into law, which was the state’s most ambitious investment in housing in history. This law – combined with the administration’s other initiatives such as converting vacant state-owned land into housing, commercial to housing conversions, the MBTA Communities Law, creation of the Momentum Fund, and sizable increases in housing tax credits and subsidies – are already delivering results for the people of Massachusetts. As a result, more than 90,000 new homes have been built or are in development since Governor Healey took office.   

The Healey-Driscoll Administration is also delivering immediate relief for Massachusetts residents amidst the housing shortage. Over 750 ADUs have been approved by local authorities thanks to statewide simplification of the permitting process, homebuyers have a clear right to a home inspection and cannot be pushed to ignore potential issues or unexpected expenses as they make a major financial decision, and renters cannot be charged a broker fee if they did not hire the broker, saving them money and reducing upfront costs when moving. 

Below are the six awardees:  
 

Bedford Street Lofts – Fall River 

Sponsor: Downtown Development; Anthony Cordeiro   

HDIP award: $2,500,000   

Total units: 52 
 

533 Main Street – Fitchburg 

Sponsor: The Tocci Group   

HDIP award: $1,000,000   

Total units: 17 
 

District Square – Haverhill 

Sponsor: Lupoli Companies   

HDIP award:  $3,000,000   

Total units: 124 
 

484 Merrimack – Lowell 

Sponsor: New Royal LLC; Patrick Tighe   

HDIP award:  $1,300,000   

Total units: 24 
 

Portico 1 and 2 – Revere 

Sponsor: The HYM Investment Group   

HDIP award:  $5,000,000 

Total units: 473 
 

17 Pearl – Worcester 

Sponsor: HHM Cube Properties   

HDIP award:  $2,000,000   

Total units: 139