Lowell – Governor Maura Healey, Lieutenant Governor Kim Driscoll and Housing and Livable Communities Secretary Ed Augustus today announced $27 million in Housing Development Incentive Program (HDIP) awards to create 547 total new units in 11 Gateway Cities across the state.
Among the thirteen awardees are two in the Mill City:
Hildreth Building – Lowell
• Sponsor: David Steinberg of RCG LLC
• HDIP award: $2,500,000
• Total units: 50
Isobel Lofts – Lowell
• Sponsor: Justin McFarlane of Nine Zero Two Development
• HDIP award: $2,000,000
• Total units: 26
“I am thrilled to welcome the announcement of tax credits for market-rate housing development through the Housing Development Incentive Program (HDIP). This initiative will significantly benefit our community, particularly through the development of the Hildreth Building and Isobel Lofts,” said Lowell Mayor Daniel P. Rourke. “We are grateful to Governor Healey and her administration for their commitment to addressing housing needs and fostering economic growth in our city.”
“Today’s announcement of the first 2024 HDIP awards marks a significant step forward in addressing economic development in Lowell’s central business district,” said Lowell City Manager Thomas A. Golden, Jr. “We are proud to collaborate with Governor Healey and the Healey-Driscoll Administration in this effort. The HDIP program is a vital tool for cities like Lowell, fostering residential growth, economic development, and neighborhood stabilization. The Hildreth Building and Isobel Lofts projects will provide 76 new residential units. This development is an exemplary model of what can be achieved through state and local partnerships, and we are excited to see the positive impact these developments will have on our community.”
Last fall, as part of a $1 billion tax cuts package signed by the Governor, the annual HDIP program cap was raised from $10 million to $57 million in 2023 and will be $30 million annually going forward. That increase allowed the Executive Office of Housing and Livable Communities to fund all 13 project applications this round.
“We expanded the HDIP program in our tax cuts package because it has a proven track record of spurring housing development in Gateway Cities and lowering costs,” said Governor Healey. “Our Gateway Cities are vital centers for industry and culture while also being positioned to help provide the housing we need to meet the demand. These funds help make projects possible that will create hundreds of homes, revitalize neighborhoods and strengthen our communities.”
“This funding boost helps us do even more to address our housing needs now,” said Lieutenant Governor Driscoll. “In approving all of these projects, we’re able to make a big impact to cities across the state as we work to make Massachusetts more affordable for everyone.”
HDIP is a tool for the state’s Gateway Cities to create more market rate housing to support economic development, expand diversity of housing stock and create more vibrant neighborhoods.
“These projects are a direct result of the governor’s tax relief bill,” said Housing and Livable Communities Secretary Augustus. “Our vacancy rate is at an all time low, and these awards will create much needed multi-family housing across our state. We look forward to continuing to work with the legislature to pass the Affordable Homes Act this year to create much-needed housing across all income levels in the state.”
