Urban Center Housing Tax Increment

Purpose
At the 2005 Annual Town Meeting, the Town designated the Central Business District as its 1st housing tax increment financing district, becoming 1 of the 1st municipalities in Massachusetts to utilize the Urban Center Housing Tax Increment Financing Program.

History
The Urban Center Housing TIF was passed as part of the Municipal Relief Package (Chapter 46 of the Acts of 2003), and provides the potential for a housing tax increment financing plan, which is intended to encourage:
  • Increased residential growth
  • Affordable housing
  • Commercial growth in urban center housing zones
UCH-TIF Details
The district is bounded by:
  • Farm Pond, Park Street, and Pearl Street to the west
  • Claflin, Gordon, and Arlington Streets to the southwest
  • Clinton, Bishop, and Howard Streets to the east
  • Oliver, Pearl, and Lexington Streets to the north
The zone consists of
  • Approximately 16 acres of land
  • 489,400 square feet of building area
  • 230 parcels
  • Concord Square National Historic District (Memorial Square)
  • Irving Square National Historic District (Burkis Square)