Healey-Driscoll Administration Awards $15 Million in Housing Tax Credits to Five Gateway Cities
HDIP awards will support the creation of 369 new homes
NEW BEDFORD — Today, Lieutenant Governor Kim Driscoll and Housing and Livable Communities (HLC) Secretary Ed Augustus announced $15 million in Housing Development Incentive Program (HDIP) awards to projects that will create 369 new homes across Massachusetts. The awards were given to six projects located in five Gateway Cities: Brockton (two projects), Fall River, Hyannis, Lowell and New Bedford.
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. As part of the $1 billion tax cut package signed by Governor Maura Healey in 2023, the annual HDIP program cap was raised from $10 million to $30 million a year with a one-time infusion of $57 million.
Under the Healey-Driscoll Administration, the impact of HDIP support has been far-reaching: 46 projects have been awarded a total of $102 million in HDIP tax credits, spurring the creation of 2,742 new homes in 15 different cities.
“HDIP is delivering real results for families and communities across the state. Through this program alone, our administration has supported projects that will produce nearly 3,000 new homes for residents living in our Gateway Cities,” said Governor Healey. “By increasing the funding for this program, we’re creating more housing to lower costs, revitalizing downtowns, and strengthening local economies.”
"Housing remains a top priority for our administration, and we're working hard to build more homes across more communities at a faster pace," said Lieutenant Governor Driscoll. “These awards continue to have a big impact in their communities while helping us lower costs across the state.”
“This administration continues to take advantage of every available tool to unlock housing production and address the shortage we're facing here in Massachusetts. HDIP is crucial to our success in making that a reality,” said Secretary Augustus. “In addition to creating new housing across the state, these awards are part of reinvigorating our Gateway Cities, which is essential in keeping Massachusetts competitive, vibrant, and a place where people can afford to build their lives.”
Today’s announcement was held at 4586 Acushnet in New Bedford, which is receiving $2.5 million dollars for an adaptive reuse of a vacant former nursing home. Couto Brothers Development is completing the adaptation to create 65 market-rate homes.
Below are all six awardees:
117 N. Main – Brockton
Sponsor: Concord Square Development
HDIP award: $3,000,000
Total units: 100
The Elmcourt Hotel – Brockton
Sponsor: Bryant Hotel LLC
HDIP award: $2,500,000
Total units: 48
Globe Mills Lofts – Fall River
Sponsor: MassCanCapital
HDIP award: $3,000,000
Total units: 89
94 Stevens Street - Hyannis
Sponsor: Starbuck Corporation
HDIP award: $1,800,000
Total units: 40
246.1 Market Street – Lowell
Sponsor: Novus Properties
HDIP award: $2,400,000
Total units: 27
4586 Acushnet – New Bedford
Sponsor: Couto Brothers Development
HDIP award: $2,500,000
Total units: 65
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