Worcester, Massachusetts – Housing Development Incentive Program (HDIP)
Who knew when I contacted the principals of Kelley Square Lofts and the Worcester Public Market in 2017 to help them with their Housing Development Incentive Program (HDIP) tax credit financing, that this project would be neighbors with the new Worcester Red Sox “WooSox” Minor League headquarters and stadium dubbed Polar Park? The location in famous Kelley Square, for people familiar with Worcester, is known for the City’s most dangerous intersections. The visionaries of Kelley Square Lofts and Worcester Public Market knew there was much to be done to improve the area, called the Canal District, before Polar Park was even imagined. The idea that they could create 48 market-rate apartments above a 20,000 square foot European-style multi-vendor marketplace has created a destination, right in Kelley Square, and fits right in with the resurgence of enthusiasm for urban living. So what will happen to this infamous intersection? The city has embarked on the Kelley Square Improvement Project that will address the safety and operational deficiencies currently faced by all users, expected to be substantially completed by November 2020. Just in time for the WooSox to open their doors and for WooSox fans to stop by the Worcester Public Market to visit Wachusett Brewing Co., the anchor tenant, on their way to the ballgame – along with 30+ other local vendors and food purveyors!
Clocktower Tax Credits, LLC has a deep base of national Tax Credit investors who desire to reduce their tax payments to government while providing funds instead to economic development projects like the Worcester Public Market. With Clocktower’s expertise in HDIP credits, we understand the necessary steps for a successful financial closing, and we have the ability to help any economic development incentivized tax credit project. For developers with prospective HDIP, Historic rehab or Low-Income Housing tax credit projects seeking Federal and/or State Historic tax credit equity, please contact Sue Ellyn Idelson at (978) 793-9574 or SIdelson@ClocktowerTC.com.