Code of Massachusetts Regulations
760 CMR - HOUSING AND LIVABLE COMMUNITIES, EXECUTIVE OFFICE OF
Title 760 CMR 66.00 - Housing Development Incentive Program - Chapter 40v
Section 66.01 - Background and Purpose
Current through Register 1518, March 29, 2024
760 CMR 66.00 establishes rules, standards and procedures for the Housing Development Incentive Program (HDIP) created by M.G.L. c. 40V pursuant to St. 2010, c. 240, § 105. The Department of Housing and Community Development (the Department) is the regulatory agency for the program and is authorized to issue regulations to explain and implement the program.
The HDIP is designed to increase residential growth, expand diversity of housing stock, support economic development, and promote neighborhood stabilization in designated Housing Development Zones within Gateway municipalities by providing tax incentives to construct or rehabilitate multi-unit properties for sale or lease primarily as market rate units. The program provides two incentives for sponsors:
(a) a local property tax exemption on the increased property value resulting from improvements; and
(b) a state tax credit for Qualified Project Expenditures (QPEs).
The program is only available to Gateway municipalities, and in order to participate in the program, a Municipality must designate a Housing Development (HD) Zone and adopt a HD Zone Plan, which demonstrates the need for multi-unit market rate housing in the HD Zone and details the revitalization and redevelopment proposed for the HD Zone.
