In Fall River, Governor Healey talks affordable housing and development initiatives while visiting Adams House

FALL RIVER– Friday, Governor Maura T. Healey visited The Residences at Adams House as part of the administration’s Cutting Taxes, Saving You Money tour to highlight the provisions of the recently signed tax cuts package that will provide relief to renters and homeowners and spur housing development across Massachusetts.

“Lowering the cost of living in Massachusetts is our top priority – and the number one driver of high costs is housing. Over the last few weeks, we have traveled the state to make sure everyone knows how our tax cuts will save them money and spur the housing development we need to lower costs, especially in Gateway Cities like Fall River,” said Governor Healey. “These cuts are a critical step to make Massachusetts more affordable and expand our housing supply to help meet the needs of our communities and our economy.”

“As the former Mayor of a Gateway City, I know how important it is for communities to have investment from the state to spark housing production and lower costs. That’s why our administration has been laser focused on providing this type of support for communities across the state,” said Lieutenant Governor Driscoll. “We’ve greatly enjoyed traveling across Massachusetts to spread the word about the recent tax cuts and show everyone what that means for them.

The Residences at Adams House is an adaptive reuse project that was completed in 2022. The building’s conversion from a nineteenth-century senior home into 34 market rate apartments was supported by the state’s Housing Development Incentive Program.

“Since its inception in 2014, HDIP has provided $63.5 million to support market rate housing development in Gateway Cities like Fall River,” said Secretary of Housing and Livable Communities Ed Augustus. “Massachusetts needs more housing of every kind to drive down costs. And the historic tax cuts package recently signed by the Governor increases HDIP funding to kickstart much-needed projects like The Residences at Adam’s House across the Commonwealth.”

“”The combination of tax cuts and housing money is a great stimulus for cities like Fall River,” said Fall River Mayor Paul Coogan. “We have been pushing this for a long time and I commend Governor Healey and Lieutenant Governor Driscoll for doing this for our city.”

Last Month, Governor Healey signed Massachusetts’ first tax cuts in more than 20 years into law. Provisions of the tax cuts package includes:

-Housing Development Incentive Program–increases annual program cap from $10 million to $57 million in 2023, and thereafter to $30 million annually.

-Rental deduction – increases rental deduction cap from $3,000 to $4,000.

-Senior Circuit Breaker Tax Credit – Doubles the credit, from $1,200 to $2,400 for low-income seniors to help minimizes their taxes.

-Low-Income Housing Tax Credit–increases annual program cap from $40 million to $60 million

-Septic System Tax Credit – Triples the maximum credit available from $6,000 to $18,000 and increases the amount claimable to $4,000 per year, easing the burden on homeowners facing the high cost of septic tank replacement or repair.

-Estate Tax – Increases the threshold from $1 million to $2 million with a credit that mitigates the cliff effect. This change brings Massachusetts more in line with other states and keeps pace with the rising value of homes in communities across the state. This reform will allow seniors to pass on generational wealth, making it more attractive to retire and age in Massachusetts and for families to stay geographically close.

-Municipal Affordable Housing Property Tax Exemption – will permit municipalities to adopt local property tax exemptions for affordable real estate.

Governor Healey also recently introduced her $4 billion Affordable Homes Act, which would unlock the creation, preservation and modernization of nearly 70,000 homes across the state to which hopes to lower the cost of housing.

State Senator Michael J. Rodrigues, Chair of the Senate Committee on Ways and Means:

I’m thrilled to see the tax relief package that the Legislature passed, in partnership with the Healey-Driscoll administration, be put into action with this informational tour of the Commonwealth. Housing costs remain the biggest obstacle to financial security in Massachusetts, and I am pleased the constituents of my district will learn first-hand just how strong this tax relief measure is on housing assistance. This plan brings real financial assistance to those who need it most. The tax credits are substantial, and immediate.

Representative Carole Fiola:

“I was proud to join my colleagues in the legislature in supporting this effort to create a more equitable tax system that helps support some of our most vulnerable families while bolstering the state’s competitiveness. These tax credit increases for dependents and for the senior circuit breaker are key initiatives to help address affordability in the state and I am especially proud of the inclusion of the expanding Housing Development Tax Incentive Program, which allows communities like mine to create more housing supply.”

Representative Paul Schmid:

“The Senior Circuit Breaker Tax Credit has been a vital resource for our constituents in Southeastern Massachusetts. The improvements signed by Governor Healey only serves to greater expand this crucial benefit.”