COMMONWEALTH OF MASSACHUSETTS
MASSACHUSETTS SENATE
STATE HOUSE, BOSTON 02133
Senator Joan B. Lovely
State Senator
2nd Essex District
FOR IMMEDIATE RELEASE:
December 17, 2024
$5 million awarded for Salem housing through Housing Development Incentive Program
The awards will support the development of 263 new rental units across two sites
(BOSTON—12/17/2024) Senate Assistant Majority Leader Joan B. Lovely (D-Salem) is pleased to announce that the City of Salem has received two awards through the Housing Development Incentive Program (HDIP). These awards, each of $2.5 million, will support the development of 263 new rental units across two sites.
At 266 Canal Street, Criterion Development Partners will construct 250 rental units across five buildings. 20% of units will be reserved for households earning less than 60% of the area median income (AMI), while the remaining 80 percent will be available at market rates.
Bay View Station, developed by Juniper Point Investment Company, will consist of two new buildings with a total of 13 rental units. Two units will be rent-restricted to enhance affordability, and 11 units will be offered at market rates. This marks the final phase of a larger project on the site.
“These awards are a critical investment in Salem’s housing infrastructure,” said Senator Lovely. “By supporting a mix of market-rate and affordable units, these projects will help meet the housing needs of our community.”
The HDIP, administered by the Executive Office of Housing and Livable Communities, aims to encourage housing development in Gateway Cities by providing tax incentives to developers.
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