A new plan to develop the Lyman Terrace public housing complex in downtown Holyoke could spur revitalization, according to a new report prepared by Utile with support from MassDevelopment and the Massachusetts Housing Partnership. The report, created through a joint partnership between the Holyoke Housing Authority (HHA), the City of Holyoke, the Massachusetts Development Finance Agency, the Massachusetts Housing Partnership (MHP), and the Massachusetts Department of Housing and Community Development, uses the language of transformative redevelopment, a term coined in a MassINC report , to finance and support the project.

According to financial assessments, the downtown development would require a $22-$23 million investment. The city plans on pursuing loans and tax credits to finance the large project in hopes of catalyzing significant follow-up private investment around downtown Holyoke. 
                     – Caroline Koch