Description
The Housing Development Incentive Program (HDIP) is a tax credit program that aims to stimulate the production of market-rate rental and homeownership housing in Massachusetts Gateway communities. The program provides tax credit allocations to eligible developers for qualifying projects. The application process involves submitting a pre-application, followed by a full application if the pre-application is approved. The full application will be reviewed based on five key evaluation categories: Development Team Capacity, Project Marketability, Appropriateness of Design and Scope, Financial Feasibility, and Readiness to Proceed. Some key points to consider are:
* Eligible applicants include for-profit and non-profit developers with sufficient experience in creating and managing housing in Massachusetts.
* The development team must have sufficient experience in creating and managing housing in Massachusetts and must be in good standing with HLC and its quasi-public housing affiliates.
* The tax credit allocation can be used to facilitate the creation or substantial rehabilitation of housing units in an approved HD zone.
* The credit allocation amount is typically up to $2,500,000 or 25% of qualified project expenditures.
* HLC reserves the right to raise the cap for large-scale projects.
* The application process involves submitting a pre-application, followed by a full application if the pre-application is approved.
* The full application will be reviewed based on five key evaluation categories: Development Team Capacity, Project Marketability, Appropriateness of Design and Scope, Financial Feasibility, and Readiness to Proceed.
* HLC reserves the right to request additional information from applicants during the review process and to use other available information as may be necessary in order to complete its review.
* Applicants are encouraged to consult with HLC staff to discuss their proposals in advance of application submission.
* Some key dates to consider are:
* February 18, 2025: COMMBUYS post date
* March 27, 2025, through April 28, 2025: First HDIP application period
* April 14, 2025: Q&A submittal deadline for the first competition
* June-July 2025: Estimated award date for the first competition
* August 14, 2025, through September 15, 2025: Second HDIP application period
* August 28, 2025: Q&A submittal deadline for the second competition
* November 2025: Estimated award date for the second competition
* December 11, 2025, through January 13, 2026: Third HDIP application period
* December 23, 2025: Q&A submittal deadline for the third competition
* March-April 2026: Estimated award date for the third competition