Title
Order: That the City approve the attached petition for the adoption of a Malden Center Revitalization Housing Development Incentive Program
Body
WHEREAS, the City of Malden has been designated as a Gateway Municipality by the Commonwealth of Massachusetts; and
WHEREAS, the City Council has expressed a willingness and desire to develop a range of housing opportunities for its residents by expanding the diversity of housing stock; and
WHEREAS, the Commonwealth has implemented the Housing Development Incentive Program (“HDIP” ) to encourage the development of market rate housing in Gateway Municipalities; and
WHEREAS, the HDIP program provides funding to qualified private developers of market rate housing as determined by the City Administration and for the allowance of local property tax relief by the City Council; and
WHEREAS, the HDIP program requires the City of Malden to develop and approve of an HDIP Zone and Plan; and
WHEREAS, the HDIP program further requires the City to designate an individual to administer the City’s program and to enter into real estate tax increment exemption agreements that will be approved by the City Council;
WHEREAS, on December 9, 2014, the City Council held a public hearing as to the Malden Center Revitalization HD Zone and Plan;
NOW, THEREFORE BE IT ORDERED,
That the following petition for the adoption of the Malden Center Revitalization Housing Development Incentive Program Zone and Plan be adopted and approved in accordance with Commonwealth of Massachusetts Regulations 760 CMR 66.03 and said plan be forwarded to the Massachusetts Department of Housing and Community Development (DHCD) for approval and endorsement.
And Be It Hereby Further Ordered that the Mayor is hereby designated to act as the City’s administrator of the HDIP program and is authorized to enter into tax increment financing agreements with HDIP tax credit applicants after approval of each agreement by the Malden City Council.