BOSTON (WWLP) – The Healey-Driscoll Administration announced the winners of their Housing Development Incentive Programs, or HDIP Awards, on Tuesday, and they include projects in Holyoke, Pittsfield and Springfield.
These awards consist of pre-designated amounts of tax credits and are given to development projects in gateway cities to create more market-rate housing. The state says they hope that more market-rate housing will lead to economic development and more diverse and vibrant neighborhoods.
“Cities like Lowell, like Salem, like Holyoke, like Pittsfield,” said Lt. Governor Kim Driscoll. “These were drivers of regional economies, key hubs. There is so much untapped potential in our gateway cities.”
Wrights Block in Holyoke was awarded $2-million in tax credits to create 19 more units and Parsons Apartments in Springfield was awarded $630,000 to create 11 more units. The Wright Building Block in Pittsfield was awarded funds in two phases: $2,582,672 for 21 units and $1,518,014 for 14 units.
“We’re focused on making Massachusetts more affordable, more equitable, and more competitive,” remarked Governor Maura Healey. “So that communities and developers, residents have the tools necessary to generate the housing that we need for the state.”
This year is unique. The HDIP program cap was increased to $57-million for just this year, which allowed the state to fund all 13 project applications in this round. In all, $27-million was given to 11 gateway cities to create 547 new residential units, the largest total award amount in program history.
Information about the program and current projects receiving funding can be found on the Mass.gov website.
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