The Healey-Driscoll administration in Massachusetts is injecting $15 million in Housing Development Incentive Program (HDIP) awards into the state’s housing market. This move is designed to foster the creation of 369 new homes across five Gateway Cities. The six projects, spread among cities like Brockton, Fall River, Hyannis, Lowell, and New Bedford, mark a concerted effort to promote economic development and enhance neighborhood vibrancy by expanding the diversity of local housing stocks.
According to an announcement from the Massachusetts government, the increased funding for HDIP is part of the $1 billion tax cut package initiated by Governor Maura Healey in 2023, which raised the program’s annual cap from $10 million to $30 million. This, along with an additional one-time $57 million infusion, constitutes a significant investment toward addressing the state’s housing shortage. “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,” Governor Healey stated. Lieutenant Governor Driscoll echoed this sentiment, highlighting the ambition to build more homes at a faster pace.
The transformative effect of these projects is evident in locations like 4586 Acushnet in New Bedford, which will see a once-vacant nursing home repurposed into 65 market-rate homes with a $2.5 million dollar HDIP award. The Couto Brothers Development spearheading this project is one of the six awardees benefitting from the funds designed to make Massachusetts a more competitive, and affordable place to live…