Last night, the Redevelopment Committee was briefed by the Massachusetts Department of Housing and Community Development, Deputy Undersecretary, Arthur Jemison and staff from the City of Holyoke Office of Community Development and Office of Planning & Economic Development on the development of a new program to attract market-rate housing to the Center City. The state released the regulations on the Housing Development Incentive Program (HDIP) last month in an effort to attract a mix of housing types to Massachusetts Gateway Cities and stabilize local economies.
The first step in developing a local program is to have the City Council approve the boundary and program specifics. Once the local plan is approved, developers are able to apply for a local tax incentive and state tax credit for the development of housing projects that target market rates in downtown. Holyoke’s plan is being proposed as the “Center City Housing Incentive Program” or CCHIP and mirrors the boundaries proposed by the Urban Renewal Plan.Share