Gateway City projects receive $15 million in tax credits

Projects in Brockton, Fall River, Hyannis, Lowell and New Bedford have been approved for participation in the Massachusetts Economic Assistance Coordinating Council’s Economic Development Incentive Program, the Executive Office of Economic Development announced on Dec. 22.

The recipients will receive $15.2 million in state tax credits for projects that are expected to create 369 new housing units.

The Economic Development Incentive Program is aimed at developing market-rate housing in Gateway Cities to support economic development, improve the diversity of the housing stock, and create more vibrant neighborhoods.

The announcement was made during an event in New Bedford, whose mayor, Jon Mitchell, thanked the Healey-Driscoll administration for their support and said that the project receiving tax credits “will activate a vacant property, help drive down housing costs in Greater New Bedford, and expand the city’s tax base.”

Fall River Mayor Paul Coogan said the investment will help to build additional housing and mitigate rent increases, and will “allow the city to continue its housing diversification efforts which will, in turn, lead to a better balance of housing choices for Fall River residents.”

Visit the Economic Assistance Coordinating Commission website for more information.