MassDevelopment Announces Funding for Public Surplus Property Reuse Assistance & District Management Tools through Real Estate Technical Assistance Program
BOSTON – MassDevelopment is pleased to announce the availability of funding through its Real Estate Technical Assistance program to help communities address site-specific and district-wide economic development challenges. Through a combination of in-house expertise and contracts with consultants, under this program MassDevelopment works with municipal officials, planners, local stakeholders, and others to address priority planning and development projects through creative solutions and clear, implementable action steps. Awards will range from approximately $5,000 to $50,000 and can support public surplus property reuse, including feasibility analyses and RFP/Q development, and the implementation of local district management tools such as Business Improvement Districts and District Improvement Financing.
“MassDevelopment’s Real Estate Technical Assistance Program is a valuable resource for helping cities and towns throughout Massachusetts address challenges unique to their community,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “The Baker-Polito Administration encourages local partners to apply for this targeted assistance as they consider and tackle their economic development goals.”
“Every community has that one parcel, district, or neighborhood that has the potential for more,” said MassDevelopment President and CEO Dan Rivera. “Using the expertise of MassDevelopment’s in-house staff as well as top-tier consultants, our Real Estate Technical Assistance program can help cities and towns across the Commonwealth take on challenging planning and development projects to more fully leverage their assets.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.
The full Request for Proposals is available at massdevelopment.com/technicalassistance. Responses are due by August 6, 2021.
Created in 2017, MassDevelopment’s Real Estate Technical Assistance program has awarded $1,250,000 to help 34 communities advance their economic development goals through 35 projects.