Patrick Administration Announces Expansion Of Housing Development Incentive Program To Support Housing In Gateway Cities - August 15, 2014

BOSTON – Friday, August 15, 2015– Housing and Economic Development Secretary Greg Bialecki today announced the start of the application process for state tax credits for developers with qualifying proposals for larger market rate housing projects in Gateway cities. The Massachusetts Department of Housing and Community Development (DHCD) will grant waivers to otherwise qualifying projects that exceed the current regulatory limit of 50 market rate units per project under the Housing Development Incentive Program (HDIP).

“An Act To Promote Economic Growth in the Commonwealth,” signed by Governor Patrick on Wednesday provided for a major expansion of the HDIP Program. The new law doubles the size of the annual tax credit pool from $5 million to $10 million over the next four years, and allows larger developments to qualify by eliminating the 50-market-rate unit per project cap.  While DHCD is going through the formal process of amending its regulations to conform to the new law, it will grant waivers to otherwise qualifying projects that exceed 50 market rate units.

Click here to read the full press release.