Department of Planning & Development: Notice of Public Hearing
A public Hearing will be held on Tuesday, December 14th, 2021 at 5:30 PM to seek input on a proposed amendment to the Housing Development (HD) Plan related to the Commonwealth’s Housing Development Incentive Program (HDIP) per M.G.L. Chapter 40V. This meeting will occur in-person with the option to join remotely. You can choose to attend in-person in the Arthur Hammar Conference Room, DPD, JFK Civic Center, 50 Arcand Drive, 2nd Floor, Lowell, MA or you can choose to attend remotely by calling 978.674.1435 or emailing Maria Dickinson firstname.lastname@example.org at least one (1) hour prior to the meeting to register and receive the zoom link, or phone number to call in.
You can review the proposed amendment to the HD Plan here
The Housing Development Incentive Program (HDIP), established as M.G.L., Chapter 40V, provides Gateway Cities such as Lowell with financial and tax incentive tools to increase residential growth, expand diversity of housing stock, promote neighborhood stabilization, and ultimately generate local and regional economic development. The HDIP program provides two tax incentives to developers to undertake substantial rehabilitation of properties for lease or sale as multi-unit market rate housing:
A municipal real estate tax exemption on all or part of the increased property value resulting from improvements (the increment), and
State tax credits for Qualified Substantial Rehabilitation Expenditures (QSREs) that are awarded through a rolling application process.
For more information, please check the HDIP Program Fact Sheet below.