Fall River rehab plan gets approval

FALL RIVER – Mass. Department of Housing and Community Development has approved the establishment of a housing-development zone that provides incentives to developers rehabilitating multiunit housing stock at market-rate prices, the Herald News reported.
The Fall River-based newspaper said the program would allow the city to offer a developer a real estate tax exemption on any increase in property value attributed to the improvements. The program would cover projects ranging from two units to 50 units with improvements costing at least $30,000.
State tax credits would also be available for rehabilitation expenditures to qualified development projects, the Herald News said.
In December, the City Council approved the application to the state for the housing-development zone, which was signed by Mayor Will Flanagan.
“The creation of a housing [zone] will not only spur economic development and investment in the city, but it will also lead to the rehabilitation and modernization of buildings in our community,” Flanagan told the Herald News. •

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