Latest news with #HDIP
Yahoo
24-04-2025
- Business
- Yahoo
Holyoke developer lands state backing for 14 new units on Lyman Street
HOLYOKE — With help from the state, a developer will create 14 apartments in downtown Holyoke, part of a $18 million package of grants announced this week by Gov. Maura Healey. The state funding will help build 288 new housing units in six Gateway Cities across Massachusetts. C Elliott Developers LLC received $952,000 to create housing units at 174 Lyman St. in Holyoke. The awards are the last round of Housing Development Incentive Program (HDIP) grants for 2024. This year, a record number of new homes were built after Healey increased HDIP funding from $10 million to $30 million a year. Healey also added $57 million as part of a $1 billion tax cuts package signed in October 2023. Overall, the administration awarded $72 million to create 1,544 new housing units in Gateway Cities in 2024. In a statement, Healey said the incentive program has succeeded in creating 'more reasonably priced housing in Gateway Cities.' 'We were proud to expand this program as part of our historic tax cuts package, and we're thrilled to see this funding being put to work across the states,' Healey said. 'Together, we're making it more affordable for people to live in their communities while also attracting more business, industry and culture to our incredible Gateway Cities.' Community Development Director Alicia M. Zoeller was unavailable for comment. Lt. Gov. Kim Driscoll said the administration is dedicated to addressing housing needs. 'This funding brings a significant impact to cities across the state and goes a long way toward making Massachusetts a more affordable place to live, work, start a family and build a future,' Driscoll said. The announcement was made Tuesday at 347 Main St. in Fitchburg, an eight-unit housing development and previous HDIP award recipient. The program aims to build market-rate housing to help the economy, increase housing variety and create lively neighborhoods, backers say. The governor's plan includes the $5.12 billion Affordable Homes Act, the MBTA Communities Law, more Low-Income Housing Tax Credits and work by the Housing Advisory Council and the Unlocking Housing Production Commission. Read the original article on MassLive. Read the original article on MassLive. Read the original article on MassLive.
Yahoo
24-04-2025
- Business
- Yahoo
$18M will bring 288 new units in 6 Gateway Cities across Massachusetts
HOLYOKE, Mass. (WWLP)- Governor Maura Healey announced that $18 million will bring new units in six gateway cities across the state. Holyoke is one of them. These awards close out the third and final competitive Housing Development Incentive Program application round of 2024. Ever since Governor Healey increased HDIP from $10 million to $30 million a year with a one-time infusion of $57 million in 2023, the state has seen a record number of new homes created. $952,000 is coming to Holyoke. The C Elliot LLC will sponsor a 14-unit building on 174 Lyman Street. This is making residents very excited to use for referring places to live. 'There are a lot of abandoned buildings around here, and I'm glad they're trying to fix them up so it won't be a shortage of housing here, and that's a plus,' said Arthur Pinkney Holyoke residents also told 22News, a Polish restaurant used to be in the building on 174 Lyman Street. The developers are expected to tell 22News more about their vision for this building on April 24, 2025. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
