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Massachusetts grants $15.3M tax credits for 856 new rental homes
The second round of awards under the Commercial Conversion Tax Credit Initiative will convert vacant or underused commercial properties into homes across Boston, Dedham, Springfield, Westford, and Worcester.
Massachusetts announced $15.3 million in tax credits to support five projects that will convert vacant or underutilized commercial properties into new rental housing statewide, totaling 856 homes. The initiative targets locations including Boston, Dedham, Springfield, Westford, and Worcester, tying property redevelopment to expanding apartment supply in commercial districts.
ConnectCRE reports that one project, Synergy, will adaptively reuse a historic office building at 294 Washington Street in Boston’s Financial District, delivering 255 rental homes plus retail space. Other projects include adaptive reuse of a historic building in downtown Worcester, redevelopment of an obsolete hotel in Westford, adaptive reuse of four historic buildings in downtown Springfield, and redevelopment of two obsolete commercial buildings in Dedham.
The tax credit awards represent the second round under the Commercial Conversion Tax Credit Initiative. The state previously announced nearly $8.4 million earlier this year for five projects expected to develop 339 homes, and the program was established through the Affordable Homes Act signed by Gov. Maura Healey in 2024.