In response to the state’s ongoing housing crisis, the governor has announced the implementation of a new $10 million tax credit program to encourage the conversion of unused commercial property into living spaces.
According to the governor’s office, the state’s housing shortage continues to drive up the cost of owning or renting a home “for everyone,” and all the while commercial properties sit vacant and unused with no prospective tenants. The governor says the Commercial Conversion Tax Credit Initiative, signed into law in 2024 through the Affordable Homes Act, is another step toward tackling the problem.
“Massachusetts is moving faster to create reasonably-priced housing and revitalize our downtowns,” said Governor Maura Healey. “This new tax credit helps communities turn empty commercial space into homes – bringing people, energy and small-business customers back to main streets while tackling our housing shortage.”
Source: Bay State to offer tax credits for converting commercial spaces to housing
