STERLING – When U.S. Sen. John Cronin (D-Fitchburg) joined the Worcester County Association of Realtors in Sterling to discuss the office's efforts to address housing-related challenges locally and across the commonwealth, the state Efforts to address the country's housing crisis were at the forefront.
“If we are serious about building vibrant, affordable communities in North Central and beyond, we must continue to invest in housing production,” Cronin said. Stated. “Investing in housing is critical to building a strong middle class, stabilizing health care and community resources, and expanding the local tax base. We are excited about this and look forward to the work we will undertake in the coming months to build on this progress.”
More than 20 Worcester County real estate agents attended the event to discuss efforts to expand housing stock and inform attendees about how to engage legislators to achieve this goal. Cronin, who co-chairs the Legislature's Gateway Cities Caucus, highlighted several initiatives his office has spearheaded to address the region's housing needs.
Among these efforts is the expansion of the Housing Development Incentive Program (HDIP), which allows gateway cities such as Fitchburg and Leominster to offer local incentives to developers who build local market-rate housing. You will be able to provide tax credits.
Congress' 2023 Tax Cuts Act allocates $57 million to HDIP, clears a backlog of previously approved projects, and increases the program's annual cap from $10 million to $30 million.
The bill also expands funding for low-income housing and increases the annual authorization of the Low-Income Housing Tax Credit from $40 million to $60 million.
Mr. Cronin also discussed efforts by regional state delegations to provide immediate funding for local housing initiatives. That includes more than $1 million in direct funding from the past two state budgets for the City of Fitchburg and the Fitchburg Redevelopment Authority (FRA) to launch a grant program to support housing development. There is.
Housing production continues to be a major focus for Congress and Gov. Maura Healey, who introduced the Affordable Housing Act last October. Combined with the Housing Development Tax Credit from last year's tax cut, the bill is expected to spur the construction of more than 40,000 new homes, according to a government statement.
Cronin reaffirmed his commitment to further address Massachusetts' housing crisis as the Legislature prepares for its annual budget this spring.
