Massachusetts Housing Development Incentive Program (HDIP)
The Massachusetts Housing Development Incentive Program (HDIP) is a crucial state initiative to foster economic growth and revitalize communities by promoting residential development in Gateway Cities.
Massachusetts Housing Development Incentive Program (HDIP)
About MA HDIP Credit:
The Massachusetts Housing Development Incentive Program (HDIP) is a crucial state initiative to foster economic growth and revitalize communities by promoting residential development in Gateway Cities. Since its inception, HDIP has been pivotal in transforming underused or unused properties into vibrant residential and mixed-use developments, enhancing local economies, and increasing housing stock.
MA HDIP Program Overview:
HDIP provides tax incentives to developers undertaking substantial rehabilitation or new construction of multi-unit residential projects that include market-rate units in designated Housing Development Zones within Gateway Cities. These incentives include a local option real estate tax exemption on increased property values resulting from improvements and state tax credits for qualified project expenditures.
Recent Legislation and Funding:
Reflecting the program’s success and the ongoing need for market-rate housing in urban areas, recent legislation has significantly increased the annual budget for HDIP. As of 2024, the program now boasts an enhanced budget of $30 million per year, up from the previous cap of $10 million. This increase is a testament to the program's efficacy and the state's commitment to expanding accessible housing options and stimulating economic development.
Impact and Achievements:
Since its establishment, HDIP has been instrumental in creating thousands of housing units across Massachusetts' Gateway Cities. This initiative meets the growing demand for housing and stimulates local economies by attracting new residents and businesses. The program has proven to be an effective tool in achieving the state’s goals of community revitalization and economic diversity.
Why Invest in HDIP?
Investing in HDIP projects is not just about building homes; it's about making a lasting impact. Developers and investors benefit from substantial tax credits and incentives, while communities enjoy the revitalization of their neighborhoods and the influx of new energy and economic opportunities. Join us in shaping the future of Massachusetts’ Gateway Cities.
Why Work with Tax Incentive Finance (TIF)?
At Tax Incentive Finance (TIF), we possess the expertise and dedication necessary to unlock and maximize your tax benefits. We guide project owners and tax credit investors every step of the way, from advising and structuring to aligning interests, ensuring optimal returns on investment and enhanced tax credit equity.
Rumford Center - Rumford, Rhode Island
