Lieutenant Governor Kim Driscoll announces $18.6 million in HDIP tax credits, including $1.5M for Fall River’s Durfee Block

Lieutenant Governor Kim Driscoll announced $18,600,000 in Housing Development Incentive Program (HDIP) tax credits on site at the Durfee Block in downtown Fall River, saying the awards will help create roughly 660–662 new homes across six designated gateway cities.

The awards, Driscoll said, draw from the Affordable Homes Act and the state’s expanded HDIP program, which the administration increased in 2023 to close financing gaps on complex historic rehabilitation projects. “We’re proud to announce $18,600,000 in housing development incentive program tax credits,” Driscoll said, adding the funding “is gonna help create 662 new homes in 6 gateway cities in Massachusetts.”

Why it matters: Housing and local leaders said such state support makes projects that do not "pencil out" on private financing feasible, particularly when converting historic downtown buildings into apartments. Secretary of Housing Juana Matias called the awards “a commitment in the future of these communities” and listed the six awardees, placing the Durfee Block among projects in Lawrence, Lowell, Pittsfield, Taunton, and Worcester.

Secretary Matias described the Durfee Block building as a late‑19th‑century former bank that will be repurposed into 22 new rental homes. “Rather than remaining underutilized, it will become 22 new rental homes, bringing new life to this historic building while helping to meet the housing needs of this community,” Matias said.

Developer Ken Faiola outlined the financing package for the Durfee Block, attributing the project’s feasibility to a mix of public and private sources. Faiola said the project combined the HDIP award with other credits and grants: $1.5 million in HDIP tax credits, $1.5 million in historic tax credits, $958,000 in UPP funding, and $300,000 in local CPC funds, with additional private investment nearby. “Collectively, all those funding sources make this project become a reality,” Faiola said.

Officials framed the awards as part of a broader strategy to boost housing supply, preserve historic character, and support downtown businesses. Senate Ways and Means Chair Michael Rodricks noted the FY27 budget contains broad housing‑related investments and emphasized streamlining permitting to accelerate housing production.

Numbers and discrepancies: Driscoll said the announced awards will help create 662 homes; Matias repeated the $18.6 million total but said the awards “will help create 660 new homes.” The transcript contains both figures; reporting reflects both statements without reconciling them because no definitive single total was stated on the record.

Next steps: Officials invited award recipients and local partners to a photo opportunity and said they expect ribbon‑cuttings as projects progress; no formal votes or further administrative approvals were recorded in the remarks presented at the event.

Sources: Statements and quotes come from speakers on site at the Durfee Block announcement in Fall River: Lieutenant Governor Kim Driscoll; Secretary Juana Matias; Senate Ways and Means Chair Michael Rodricks; and developer Ken Faiola.