Press Release  Governor Healey Awards $15 Million in Housing Development Funds to Build 829 Homes in Gateway Cities

Revere — Today Governor Maura Healey and Housing and Livable Communities Secretary Ed Augustus announced $15 million in Housing Development Incentive Program (HDIP) awards to create 829 new homes in six Gateway Cities, kicking off the program’s first funding round of 2025.

The announcement took place in Revere, which is receiving two awards for the overall development of market-rate housing on the former Suffolk Downs site with the Portico 1 and 2 projects. The additional five awardees in the funding round include the Bedford Street Lofts in Fall River, 533 Main Street in Fitchburg, District Square in Haverhill, 484 Merrimack in Lowell, and 17 Pearl in Worcester.

“These HDIP awards are a powerful tool in helping our Gateway Cities create housing and revitalize our downtowns, neighborhoods and underutilized properties,” said Governor Healey. “Our expansion of the HDIP program under my tax cuts package has played a critical role in driving the nearly 100,000 new homes that have been built or are under development since we took office. These awards are helping communities build the housing they need, supporting local economies and ultimately making housing more affordable and attainable for everyone.” 

“People in Massachusetts are excited to build a life, a career, and a family in our great state, and we know they need reasonably-priced housing options that help them achieve those goals,” said Lieutenant Governor Kim Driscoll. “By supporting these exciting projects in six Massachusetts cities, we’re strengthening our communities, creating more affordable housing, and building a brighter future for us all.”

“I’m proud to be part of the Healey-Driscoll Administration, which really grasps the importance of partnering with our communities to build more housing of every kind," said Executive Office of Housing and Livable Communities Ed Augustus. “HDIP is one of the most effective tools we have to spur market-rate housing development in Gateway Cities. The developments receiving awards today not only create more homes, they are also transformative – restoring pride and helping create the type of neighborhoods where people aspire to live.”

Signed by Governor Healey in October 2023, the annual HDIP program cap was raised to $30 million annually with a one-time increase of $57 million. This resulted in the administration awarding a total of $72 million to create 1,544 new housing units in Gateway Cities in 2024. HDIP is an effective and valuable tool for the state’s Gateway Cities to produce more market-rate housing to support economic development, expand the diversity of the housing stock and create more vibrant neighborhoods.

Today’s announcement follows the recent one-year anniversary of Governor Healey signing the Affordable Homes Act into law, which was the state’s most ambitious investment in housing in history. This law – combined with the administration’s other initiatives such as converting vacant state-owned land into housing, commercial to housing conversions, the MBTA Communities Law, creation of the Momentum Fund, and sizable increases in housing tax credits and subsidies – are already delivering results for the people of Massachusetts. As a result, more than 90,000 new homes have been built or are in development since Governor Healey took office.  

The Healey-Driscoll Administration is also delivering immediate relief for Massachusetts residents amidst the housing shortage. Over 750 ADUs have been approved by local authorities thanks to statewide simplification of the permitting process, homebuyers have a clear right to a home inspection and cannot be pushed to ignore potential issues or unexpected expenses as they make a major financial decision, and renters cannot be charged a broker fee if they did not hire the broker, saving them money and reducing upfront costs when moving.

Below are the six awardees:  
 

Bedford Street Lofts – Fall River

Sponsor: Downtown Development; Anthony Cordeiro  

HDIP award: $2,500,000  

Total units: 52 
 

533 Main Street – Fitchburg

Sponsor: The Tocci Group  

HDIP award: $1,000,000  

Total units: 17 
 

District Square – Haverhill

Sponsor: Lupoli Companies  

HDIP award:  $3,000,000  

Total units: 124 
 

484 Merrimack – Lowell

Sponsor: New Royal LLC; Patrick Tighe  

HDIP award:  $1,300,000  

Total units: 24 
 

Portico 1 and 2 – Revere

Sponsor: The HYM Investment Group  

HDIP award:  $5,000,000

Total units: 473 
 

17 Pearl – Worcester

Sponsor: HHM Cube Properties  

HDIP award:  $2,000,000  

Total units: 139 

Statements of Support

Mayor Patrick Keefe, City of Revere: 

“State HDIP funding unlocks business opportunities that provide Revere with tax revenues, infrastructure improvements, and investment in our families and communities. This award cements Revere's position as a destination, rich with lively, thriving businesses and community spaces, while also giving us the financial power to better the quality of lives for our existing residents, from our roads, to our water systems, to our schools. We are grateful to Governor Healey for bringing the benefits of this initiative to Revere, and excited for the future to come.”

Mayor Melinda E. Barrett, City of Haverhill:

“The Lupoli Companies' mixed-use project, which we’ve been calling the Merrimack Street Redevelopment Project, is the largest redevelopment in the City's history. It adds almost 400 market-rate housing units to our downtown, starting with 124 in the first phase. This transformative project in our Riverfront Zoning Overlay area not only undoes the negative historic effects of Urban Renewal, but it also serves as an investment in our MBTA Communities compliant district while encouraging additional economic development.”

Mayor Paul E. Coogan, City of Fall River:

“The Housing Development Incentive Program is extremely important for housing growth and the redevelopment of properties in the City of Fall River. The efforts of the Executive Office of Housing and Livable Communities are highly valued.”

Mayor Samantha Squailia, City of Fitchburg:

"The HDIP program has been a powerful catalyst in Fitchburg, turning long-vacant downtown buildings into vibrant, mixed-use spaces with market-rate apartments and ground-floor commercial activity. It’s helping us restore the walkability, vitality, and economic opportunity our downtown deserves. This program is breathing new life into historic structures and creating momentum for lasting, community-driven growth."

State Senator John J. Cronin (D-Fitchburg): 

“The Healey-Driscoll administration is literally changing the trajectory of our Gateway Cities by doubling down on investments in housing production to build a vibrant economic future in every corner of our Commonwealth.” 

State Senator Barry Finegold (D-Andover):

“Given the urgency of MA housing crisis, the Housing Development Incentive Program is providing a rare opportunity for new housing in places that need it the most. Haverhill is a vibrant community to live and work in, and this new development is a transformative step forward for the city.”

State Senator Michael Moore (D-Millbury):

“I am so thrilled to hear that the Healey Administration and the Executive Office of Housing and Livable Communities is taking an active role in supporting the 17 Pearl Street project in Worcester. The Commonwealth is facing a critical housing shortage, and this 139-unit building constructed with prefabricated modules can serve as a template for quality multifamily housing which can help communities build homes that are within reach for working Bay Staters. The developers’ commitment to setting aside 17 subsidized units further makes this project a win-win for Worcester – I look forward to seeing more of these types of projects in Central Massachusetts and beyond.” 

State Senator Pavel Payano (D-Lawrence):

“Today is an exciting day for Haverhill. The District Square project receiving HDIP funding means more than just new buildings—it means new homes, new shops, and more life brought back to Merrimack Street. This investment will help create housing and retail space that strengthens downtown and makes it a place where more people can live, work, and enjoy our city.”

State Representative Carole Fiola (D-Fall River): 

“I am thrilled to see The Lofts on Bedford Street receive $2,500,000. These investments in market rate housing help create inventory and increase affordability for everyone. I was proud to advocate for an increase in HDIP funding to help Gateway Cities invest in housing development and address the housing crisis.”

State Representative Jessica Giannino (D-Revere):

“I am grateful to the Executive Office of Housing and Livable Communities for bringing critical resources to the 16th Suffolk through the Housing Development Incentive Program. The Suffolk Downs site marks a major milestone in Revere’s development, and it’s inspiring to see EOHLC’s strong support driving this project forward for our city.”

State Representative Tara Hong (D-Lowell): 

“I am thrilled to hear about the HDIP award for the 484 Merrimack Street project, which will not only contribute to the ongoing revitalization of Lowell’s downtown, but to  much-needed housing stock as well.”

State Representative Michael Kushmerek (D-Fitchburg): 

“I’m grateful for Secretary Augustus and the Healey-Driscoll Administration recognizing Fitchburg throughout the HDIP funding process. These investments are critical to strengthening our downtown, expanding housing production, and supporting the growth of our community.”

State Representative Steve Ouellette (D-Westport): 

“I am delighted to see much needed funds going to provide housing. The Fall River contingent along with Mayor Coogan and his staff, are striving to address the community’s needs. Thank you to the Governor and the Executive Office of Housing and Livable Communities for making this happen.”

State Representative Andy X. Vargas (D-Haverhill): 

“We’re thrilled that a Haverhill project has once again made the cut for HDIP funding. Our housing shortage requires swift deployment of resources to unlock new housing and better balance supply and demand. I’m grateful to the Healey-Driscoll administration for taking such a strong stand in prioritizing housing production.” 

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