Governor Healey announces $18M tax credits to boost housing in Fitchburg and statewide

Under the bright lights of Fitchburg's city hall, Governor Healey stood before a gathering of local leaders and developers, ready to unveil a significant boost to Massachusetts' housing landscape. With a sense of urgency and optimism, she announced the allocation of $18 million in tax credits aimed at unlocking new homes across the state, a move that promises to reshape communities and provide much-needed housing options.

This funding is part of the Housing Development Incentive Program (HDIP), which has already made waves this fiscal year by awarding a total of $57 million in tax credits. This investment has led to the production of nearly 1,300 new homes, marking a staggering 600% increase over previous records. "It's a really exciting amount of progress," Healey remarked, highlighting the tangible impact of these initiatives as she toured ongoing and completed projects in Fitchburg.

The new round of funding will support developments not only in Fitchburg but also in cities like Holyoke, Salem, Lowell, Worcester, and Hyannis, reflecting a broad commitment to revitalizing gateway cities throughout Massachusetts. Healey expressed gratitude to the developers and local officials for their collaborative efforts, emphasizing the importance of their work in addressing the housing crisis.

In addition to the immediate funding, Healey outlined several strategic measures aimed at enhancing housing production. These include tripling the cap on HDIP, doubling the senior tax credit to $2,700, and increasing the low-income housing tax credit by 50%. Furthermore, the state has released its first comprehensive housing plan, which serves as a roadmap to meet the diverse housing needs across regions.

The governor also noted the success of the MBTA Communities Act, which has already facilitated the creation of 4,000 new homes, and the implementation of the $5 billion Affordable Homes Act, designed to provide resources for reasonably priced housing.

As the meeting concluded, Healey reaffirmed her administration's commitment to tackling the housing challenges facing Massachusetts residents. "We know that housing costs are the greatest challenge that residents of Massachusetts face," she stated, promising continued efforts to accelerate housing production and improve living conditions for all. With this latest funding announcement, the state is poised to make significant strides in creating vibrant, accessible communities for its residents.