Below are several programs and incentives offered locally in Holyoke to help in the strategic pursuit of new investment, local job creation and other economic development goals. Other state and/or federal programs may be available depending on the type of project. If you are not sure, feel free to contact us!
Electric and Gas Utility Economic Development Incentives
Through it’s municipally-owned utility company, Holyoke has the ability to offer renewable hydro electricity at one of the lowest rates in all of New England, as well as gas and broadband service to businesses. On top of the incredibly low costs, the HG&E has the ability to offer up to 20% discounts for the first three years of service to any new business locating in Holyoke.
- Learn more about the HG&E Economic Development incentive programs here.
- See how Holyoke’s utility rates compare to others here.
Center City Housing Incentive Program (HDIP)
The Center City Housing Incentive Program (CCHIP) was created and approved to take advantage of the Massachusetts Housing Development Incentive Program (HDIP) established by M.G.L. Ch.40V, to spur residential development, expand the diversity of housing stock in the Zone, support economic development and promote neighborhood stabilization. Project Sponsors within the CCHIP Zone in the City of Holyoke would be eligible for a 10-year, 100% local tax exemption on increased valuation and additional state tax incentives when undertaking substantial rehabilitation of properties for lease or sale as multi-unit market rate housing.
- Learn more about HDIP here.
Redevelopment Area low-cost Liquor Licenses for New Restaurants
Signed into law on August of 2014, this home rule petition grants the City of Holyoke 13 additional liquor licenses for the downtown area. The licenses are designed to facilitate the creation of new restaurants in downtown Holyoke, providing new development and jobs while enhancing the vibrancy of the urban core. Licenses will only be used for restaurants. These licenses are available for a one time fee of $10,000, which will in turn be used to fund other economic development projects in downtown.
- Download Application Here – Please print out or save completed application and return via email to firstname.lastname@example.org or deliver hard copy to office
- Those interested should contact Tessa Murphy-Romboletti at the Office of Planning and Economic Development at 322-5655 or RombolettiT@holyoke.org.
Industrial Loan Program
The Holyoke Economic Development and Industrial Corporation (HEDIC) provides low interest financing to qualified industrial businesses. To be eligible a firm must be a new or expanding industrial business; the capital loaned must be for fixed asset acquisition, construction and/or capital.
- Learn more about the HEDIC loan program and the application process here.
Looking for skilled workers & quality employees? Look no further than CareerPoint, Holyoke’s one-stop career center. Dedicated business account representatives are available to assist in growing your business by connecting you with federal and state funded programs like On the Job Training and Work Opportunity Tax Credits, as well as pre-screening candidates for open positions in your business and much more.
Foreign Trade Zone (FTZ)
This niche program can be a great opportunity for manufacturers looking to expand their operations by importing or exporting products internationally.
- Learn more here.
- Tax Increment Financing (TIF)
The City and the prospective Certified Project candidate agree to a property tax exemption based on a percentage of the value added through new construction or significant improvement for a period of no less than five and no more than twenty years. The benefit is provided based on the project’s need of the incentive in order to make the project happen, and its potential for new investment and job creation.
- Special Tax Assessment (STA)
Covers both the existing and new value of the real estate owned or leased by the prospective Certified Project candidate. In year one, the tax is zero percent of the existing and new assessed value of the real estate. In year two, up to 25% of the assessed value is taxed. In year three, up to 50% of the assessed value is taxed. In year four, up to 75% of the assessed value is taxed. In years five and following, up to 100% of the assessed value is taxed. The Special Tax Assessment is for a period of no less than five and no more than twenty years. The benefit is provided based on the project’s need of the incentive in order to make the project happen, and its potential for new investment and job creation.
More information about our tax incentive programs is available here.
Abandoned Building Tax Deduction
If the project involves the renovation and reuse of an abandoned building in which 75% of the space has been vacant for a period of 24 months, the project may be entitled to receive a one-time corporate tax deduction equal to 10% of the cost associated with the renovation of the abandoned building. Massachusetts law allows as a deduction an amount equal to 10% of the costs incurred in renovating qualifying abandoned buildings located in an Economic Opportunity Area (EOA). The buildings must be designated as abandoned by the Economic Assistance Coordinating Council. The renovation deduction may be taken in addition to any other deduction for which the renovation costs qualify. (For example, the depreciation deduction on improvements to property.) This deduction is available for personal income taxpayers (Schedule C or E) or for corporations whose tax liability is determined by net income.
- Learn more about this program on the Commonwealth’s website.
Housing Improvement Program
Administered by Olde Holyoke Development Corporation on behalf of the City, this program provides up to 60% rebates for home improvement of one-to-four unit, owner occupied properties. Program eligibility and the rebate percentage are based upon family size and income. Homeowners must be current on city property taxes and utilities. Improvements include new siding, new wiring, new plumbing, insulation, storm windows and doors, new driveways, lead-based paint removal, asbestos removal, roof repair, chimney repair, porch replacement, ceiling replacement, foundation repair, bathroom expansion for ADA accessibility, gutter and downspout replacements and smoke/heat detection systems.
- More information about Neighborhood Improvement resources is available here.
The HOME Investment Partnerships Program (HOME) provides formula grants to States and localities that communities use – often in partnership with local nonprofit groups – to fund a wide range of activities including building, buying, and/or rehabilitating affordable housing for rent or home ownership or providing direct rental assistance to low-income people.
- Learn more about these opportunities here.