Patrick-Murray Administration Announces Tax Credit Program for Market Rate Housing - June 18, 2012

BOSTON – Monday, June 18, 2012 - The Patrick-Murray Administration’s Department of Housing and Community Development (DHCD) today announced the Housing Development Incentive Program (HDIP), a new state tax-credit program to spur market-rate housing development in the Commonwealth’s 24 Gateway Cities.

Applications for the program will be accepted beginning June 18. HDIP will provide developers with two tax incentives to undertake substantial rehabilitation of properties to create multi-unit market-rate housing, including a local-option tax exemption on increased property values and state tax credit of up to 10 percent of qualified rehabilitation costs. There will be a $5 million annual cap on the state tax credit.

DHCD will host two workshops in July, open to municipalities and developers, on program requirements and operations. All program regulations, guidelines and an application can be found on DHCD’s website. The projects may include commercial space and must contain no more than 50 market-rate residential units and 80 percent of the residential units must be market rate.

Please click here for the full press release and more information.

Click here for the regulations governing the HDIP program.