50 Gateway City economic development leaders write to state legislators for HDIP
50 Gateway City economic development leaders and developers sent a letter to state legislators calling for action to rescue the Housing Development Incentive Program (HDIP), which is the only state program to address the unique development challenges of our small cities. Most significantly, rents remain comparatively low in most Gateway Cities compared to rising construction costs, making it difficult to finance market-rate housing projects.
HDIP provides a modest subsidy to make projects viable and prevent negative cash flow. With legislative action to adopt MassINC’s recommendations, HDIP could help generate 12,000 new housing units and $4 billion worth of total investment over the next 10 years in small city downtowns and transit areas.