On Friday, Governor Maura T. Healey recently endorsed tax cuts during her visit to The Residences at Adams House, Fall River. This move was a part of the administration's Cutting Taxes, Saving You Money tour, aimed at granting financial relief to renters, homeowners, and promoting housing across Massachusetts, particularly in Gateway Cities like Fall River according to the Executive Office of Housing and Livable Communities.
The Residence at Adams House, completed last year, repurposes a 19th-century senior home into 34 market-rate apartments with the state's Housing Development Incentive Program’s (HDIP) backing. The HDIP has already provided $63.5 million to bolster market-rate housing in Gateway Cities like Fall River since its inception in 2014 as per the official release.
The tax cuts package also touches on housing affordability with various provisions, which include raising the rental deduction cap from $3,000 to $4,000, doubling the Senior Circuit Breaker Tax Credit for low-income seniors and hiking the Low-Income Housing Tax Credit (LIHTC) program cap from $40 million to $60 million. A tax credit for septic system repairs and property tax exemptions for affordable real estate also forms part of the package to further address housing concerns.
The tax cuts package lends support not only to housing but also families, seniors, and businesses. Previously claiming a nationally unrivaled Child and Family Tax Credit, Governor Healey and Lieutenant Governor Driscoll debuted the expansion of the Senior Circuit Breaker Tax Credit, along with additional tax reductions to benefit seniors at the Northborough Senior Center. Governor Healey visited St. Mary's the Morningstar in Pittsfield to discuss savings for senior homeowners and also undertook trips to Yarmouth and Attleboro to emphasize upon housing affordability initiatives. A Boston visit demonstrated support for businesses, workers, competitive economics, in accord with Governor Maura Healey and Lt. Governor Kim Driscoll.
