In direct response to NAIOP’s advocacy and work convening a broad range of business and economic development groups over two legislative sessions, the final bill includes a language tripling the annual cap on the Housing Development Incentive Program from $10 million to $30 million, and a one-time $57 million allocation to clear out the almost-2,000 unit backlog of shovel ready housing projects in Gateway Cities across the Commonwealth. The bill also includes a NAIOP-supported $20 million increase in the Low-Income Housing Tax Credit, bringing the total annual allocation to $60 million.
On August 9, 2023, Governor Healey signed the FY24 budget.
In direct response to NAIOP’s advocacy, the final budget includes a five-year extension of the Brownfields Tax Credit through January 1, 2029. Since the beginning of the session in January, NAIOP has worked with the Healey-Driscoll Administration, the Legislature, and a broad coalition of business groups and housing advocates to ensure the extension was considered for early passage.
Read on to learn about other investments found in the final FY24 budget.
Governor Healey declared that a state of emergency exists in Massachusetts due to rapidly rising numbers of migrant families arriving in the Commonwealth in need of shelter and services – and a severe lack of shelter capacity in the state. The state of emergency will allow the Administration to advocate for federal support to address the need for expanded shelter access and other services.
There are several ways for individuals and companies to support families seeking safety and shelter in Massachusetts right now.
The above archive includes blogs posted from December 2020 onward, and reflect NAIOP updates from July 2020 to present. For posts prior to July 2020, please visit NAIOP's archived blog.