CHELSEA – Wednesday, May 14, 2014 – Governor Deval Patrick today joined local officials at the ribbon cutting ceremony of Flats at 44, the first Housing Development Incentive Program (HDIP) project to be completed.

"Growth requires investment, and investments like these to support increased access to housing will help catalyze growth in Chelsea and beyond,” said Governor Patrick. “If we want to expand opportunity in our Commonwealth, this is what government must do and do well.”

Flats at 44 offers 41 market-rate and five affordable new rental housing units for residents. The project included the rehabilitation of an older industrial building and the development of new modular construction. The complex offers studios, one-bedrooms and two-bedroom homes and is over 80 percent leased.

The HDIP provides a state income tax credit of up to 10 percent of the qualified cost of rehabilitations that create market-rate housing in Gateway Cities. As an HDIP project, Flats at 44 will receive approximately $830,000 in state income tax credits and will receive a local real estate tax break.

In addition to the ribbon cutting, Governor Patrick attended the groundbreaking ceremony for Flats at 22, another mixed-income project using affordable housing resources. This complex will include 50 rental apartments, 21 of which will be affordable.