The Cordeiro Group has received $2.5 million in state tax credits to develop Bedford Lofts, a new five-story building in downtown Fall River that will feature 52 market-rate apartments, commercial space, and an adult day care center. This funding is part of the Housing Development Incentive Program (HDIP), which aims to promote market-rate housing in Gateway Cities across Massachusetts.
The Bedford Lofts project will replace a former used car dealership and is expected to address the high demand for market-rate housing in Fall River, catering to various demographics, including empty-nesters and young professionals. The project has already received the necessary zoning approvals and is set to enhance the local housing stock and neighborhood stability. The state is investing a total of $15 million to support the construction of 829 new market-rate apartments in various cities, highlighting the ongoing commitment to economic development in these areas.
