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Governor Maura Healey and Lieutenant Governor Kim Driscoll visit Lowell City Hall Tuesday to announce the 2024 Housing Development Incentive Program (HDIP) awards.

As part of the announcement, InsideLowell has learned the Mill City is slated to receive a $2.5-million award. A Beacon Hill source tells us the investment will create 50 new housing units in the historic Hildreth Building, located at 45 Merrimack Street in Downtown.

Housing and Livable Communities Secretary Ed Augustus will join the Governor and Lt. Governor at the announcement, along with City Manager Tom Golden, Mayor Danny Rourke, state and local officials, and developers.

HDIP supports market-rate housing development in Gateway Cities.

2024 marks the first year of enhanced credits after Governor Healey last year signed into law an expansion of HDIP as part of the state’s tax cut package.

The package raised the annual HDIP authorization from $10-million to $57-million in Fiscal Year 2024, and will then be funded at $30-million annually.

The Hildreth Building was built between 1882-1884. Through the years, a number of well-known businesses called the location home, including a Woolworth “Five and Dime” store, Nabisco and more recently, CVS.