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Committee forwards Kudo Residences TIE/HDIP application after developer presentation
Summary
The finance committee voted to refer a tax increment exemption (TIE) and Housing Development Incentive Program (HDIP) agreement for Kudo Residences, a proposed adaptive reuse of a vacant former nursing home at 4586 Acushnet Avenue, to the full city council for adoption.
The New Bedford City Council Committee on Finance on June 18 voted to refer a proposed tax increment exemption (TIE) and related Housing Development Incentive Program (HDIP) application for the proposed Kudo Residences at 4586 Acushnet Avenue to the full council for adoption.
Why it matters: The TIE is a locally approved tax‑exemption agreement required for the developer to apply for HDIP tax credits. Those state credits are often essential to closing finance gaps on adaptive‑reuse housing projects. City staff said that without a locally approved TIE the project could not be submitted for the state HDIP application round in August.
Project and developer details
Jordan, a city housing staff member filling in for a colleague on parental leave, summarized the proposal: Kudo Residences plans to invest approximately $12 million to convert the former nursing home into about 63 rental units on a 3.6‑acre site with roughly 53,000 square feet of building area. Jordan said most units would be two‑bedrooms with some one‑bedroom and studio units and that the developer plans…
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