7.9.2026 - Housing Development Incentive Program Award Announcement

State and local officials gathered at 84 North Main Street in Fall River for an announcement regarding the Housing Development Incentive Program (HDIP). The event, led by speakers including Fall River Mayor Coogan, Lieutenant Governor Kim Driscoll, Secretary of Housing and Livable Communities Wan Matias, and Senate Ways and Means Chair Michael Rodrigues, celebrated the awarding of $18.6 million in HDIP tax credits. These funds are designated to support the creation of 662 new homes across six Gateway Cities: Fall River, Lawrence, Lowell, Pittsfield, Taunton, and Worcester.

The specific project highlighted at the event was the Dery Block Apartments at 84 North Main Street, the site of the announcement. This project will receive $1.5 million in HDIP tax credits to transform the historic former bank building into 22 market-rate rental homes. Developer Ken Fiola detailed the project's complex funding structure, which also includes $1.5 million in federal historic tax credits, $1.5 million in state historic tax credits, $958,000 in UP funding, and $300,000 in local CPC funding. Speakers emphasized that the HDIP program is critical for making such redevelopment projects financially viable in Gateway Cities, helping to revitalize downtowns, preserve historic buildings, and address the statewide housing crisis by increasing housing stock.

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