State and local officials gathered at 84 North Main Street in Fall River for an announcement regarding the Housing Development Incentive Program (HDIP). The event, led by speakers including Fall River Mayor Coogan, Lieutenant Governor Kim Driscoll, Secretary of Housing and Livable Communities Wan Matias, and Senate Ways and Means Chair Michael Rodrigues, celebrated the awarding of $18.6 million in HDIP tax credits. These funds are designated to support the creation of 662 new homes across six Gateway Cities: Fall River, Lawrence, Lowell, Pittsfield, Taunton, and Worcester.
The specific project highlighted at the event was the Durfee Block Apartments at 84 North Main Street, the site of the announcement. This project will receive $1.5 million in HDIP tax credits to transform the historic former bank building into 22 market-rate rental homes. Developer Ken Fiola detailed the project’s complex funding structure, which also includes $1.5 million in federal historic tax credits, $1.5 million in state historic tax credits, $958,000 in UP funding, and $300,000 in local CPC funding. Speakers emphasized that the HDIP program is critical for making such redevelopment projects financially viable in Gateway Cities, helping to revitalize downtowns, preserve historic buildings, and address the statewide housing crisis by increasing housing stock.
Topics discussed
- 3:33 · Announced the award of $18.6 million in Housing Development Incentive Program (HDIP) tax credits to create 662 new homes in six Gateway Cities. — approved
Announced the award of $18.6 million in Housing Development Incentive Program (HDIP) tax credits to create 662 new homes in six Gateway Cities. - 4:02 · Durfee Block Apartments Project (84 North Main Street)
The project in Fall River will receive $1.5 million in HDIP tax credits to convert a historic bank into 22 market-rate apartments, with additional funding from federal, state, and local sources. - 4:12 · Awarded $1.5 million in HDIP tax credits to the Durfee Block Apartments project at 84 North Main Street, Fall River. — approved
Awarded $1.5 million in HDIP tax credits to the Durfee Block Apartments project at 84 North Main Street, Fall River. - 5:27 · Statewide Housing Crisis and Goals
Speakers discussed the significant housing shortage in Massachusetts, the administration’s goal of building 220,000 new units, and the problem of young adults leaving the state due to high housing costs. - 8:42 · FY27 State Budget
Senator Michael Rodrigues mentioned that Governor Healey was signing the $63.3 billion FY27 state budget, which includes measures to streamline housing permitting and development. - 10:21 · Housing Development Incentive Program (HDIP) Award Announcement
Officials announced the award of $18.6 million in HDIP tax credits to create 662 new homes across six Massachusetts Gateway Cities. - 12:07 · List of HDIP Awardees
Secretary Wan Matias listed the six Gateway Cities receiving awards: Fall River, Lawrence, Lowell, Pittsfield, Taunton, and Worcester.