Massachusetts Department of Housing and Community Development Undersecretary Tina Brooks is hosting three listening sessions on the Housing Development Incentive Program (HDIP). The sessions are scheduled as follows:
- October 19, The Good Life Center, 2nd Floor, 1600 East Columbus Ave, Springfield
- October 29, The Shaw’s Center, 1 Lexington Avenue, Brockton
- November 1, City Hall Annex, 3rd Floor, 120 Washington Street, Salem
The HDIP was enacted this summer as part of the Administration’s Economic Development Bill. It is designed to increase residential growth, expand diversity of housing stock, support economic development, and promote neighborhood stabilization in designated Housing Development Zones within Gateway municipalities by providing incentives to rehabilitate multi-unit properties for sale or lease as market rate units. The program provides two incentives for developers: a local-option property tax exemption and a new state tax credit for qualified rehabilitation expenses. Each year, there will be up to $5M available for the Housing Development Tax Credit.
NH&RA will be discussing HDIP at the NH&RA Fall Developers Forum October 18-19 in Boston.