In a recent planning board meeting, officials discussed a proposed expansion of the Housing Development Overlay District (HDIP) in Fall River, aimed at addressing the city's housing shortage. The amendment seeks to add approximately 70 acres to the existing HDIP zone, which currently facilitates the redevelopment of mill properties into residential units. This expansion would encompass areas along East Main Street and South Main Street, including the perimeter of Cook Pond.

Ken Faiola, Executive Vice President of the Bristol County Economic Development Consultants, presented a letter in support of the amendment, emphasizing its potential to create more housing options in Fall River. He noted that the HDIP program allows developers to access federal and state tax credits, making the rehabilitation of mills more financially viable. The program mandates that 80% of the new units be market rate, with 20% designated as non-market rate, thereby catering to a broader range of residents.

Faiola highlighted the urgent need for additional housing in Fall River, where the residential rental vacancy rate is currently below 2%. He argued that increasing the housing supply could help lower rental prices, benefiting both current residents and newcomers. The HDIP program has already facilitated the development of over 300 housing units and attracted more than $70 million in private investment, contributing to job creation in the area.

The proposed amendment will require approval from both the planning board and the city council before being submitted to the state for final authorization. Board members expressed support for the initiative, recognizing the importance of having such programs in place to enhance the city's housing landscape. The meeting underscored the city's proactive approach to tackling housing challenges and fostering economic growth through strategic zoning changes.