The Massachusetts House of Representatives passed House Bill 4461, An Act Relative to Job Creation, Workforce Development and Infrastructure Investment. Included in H4461 was language from a bill filed by Representative Brendan Crighton (H1089) that would expand the eligibility criteria for the Housing Development Incentive Program (HDIP).
HDIP aims to increase residential growth, expand diversity of housing supply, support economic development and promote neighborhood stabilization in the state’s 26 Gateway Cities, including Lynn. HDIP’s incentives consist of a local option property tax exemption to be negotiated by the City with the developer and a state investment tax credit to be awarded by the state.
Last year the State approved Lynn’s Downtown-Waterfront HD Zone and HD Zone Plan after a Lynn City Council public hearing. Under the current law, only existing structures are eligible for the incentive. Crighton’s bill expands the eligibility criteria to include new construction for vacant parcels such as those on the Waterfront and former GE land along the commuter rail.
“I am very pleased that the language of my bill was included in this comprehensive economic development legislation,” said Representative Crighton. “The current incentive is a powerful tool to help grow and diversify our housing stock, but unfortunately without this legislative change, many properties in Lynn’s Downtown and Waterfront would not be eligible. We will continue to do everything we can to maximize economic development opportunities for our City.”
House Bill 4461 now heads to the Massachusetts Senate, where a debate on the matter is expected soon.