The Housing Development Incentive Program (HDIP) for fiscal year 2025 includes a report detailing various housing projects that have received certification. The report lists a total of 997 projects, with 882 units designated as affordable and 67 market-rate units. The anticipated expenditures for these projects amount to approximately $11,400,000 for the Menkiti Group's project at 204 Main Street in Worcester, and up to $45,798,000 for Mullins Management's Mass Mills Phase 1 in Lowell, among others. The report highlights a range of affordable housing options, with units typically available to households earning at or below 80% of the Area Median Income (AMI).
The bill also specifies that at least 80% of the total units must be market rate, although the development of affordable units is not mandated by statute. The report provides detailed information on each project, including the number of units, rental rates, and projected completion dates. Notably, the affordable units are expected to be priced between $146,600 to $175,300, while market units will range from $420,000 to $693,000. Overall, the HDIP aims to incentivize the development of housing projects that contribute to the availability of affordable housing in various municipalities.