Last week, Rep. Joe McGonagle joined his colleagues in the Massachusetts House of Representatives in passing a nearly $700 million spending bill which included an amendment composed of a $20 million increase on the Housing Development Incentive Program (HDIP). This increase raised the cap from $10 million to $30 million. The amendment also allowed the Executive Office of Housing and Livable Communities to issue up to $57 million in one-time credits. The House version differs slightly from the versions put forward by Governor Healey and the Senate.
“As a former vice-chair of the Housing committee here in the Legislature, I’ve heard housing woes of all kinds from all across the Commonwealth,” said McGonagle. “From Everett, all the way out to Springfield, there is a need for more housing at rates affordable to all. The tax incentives created by HDIP have already brought much needed development to places like Everett but the demand remains. By increasing our spending cap, we can attract more developers to create more units thus providing more housing while stimulating the economy. This is a major victory for Gateway Cities. I applaud my colleagues in the Legislature and look forward to continuing this great progress.”
HDIP provides Gateway Cities with a tool to develop market rate housing while increasing residential growth, expanding diversity of housing stock, supporting economic development, and promoting neighborhood stabilization in designated areas.