Holyoke developer lands state backing for 14 new units on Lyman Street
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.
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