Cordeiro Group Secures $2.5 Million in State Tax Credits for Bedford Lofts in Fall River
A Fall River developer has won $2.5 million in state tax credits to advance a new downtown housing project. The Cordeiro Group, led by Anthony Cordeiro, was awarded funds through the Housing Development Incentive Program (HDIP) to help build Bedford Lofts, a 52-unit, five-story building on Bedford Street that will also house commercial space and an adult day care center.
HDIP supports market-rate housing in Gateway Cities. Signed into law in October 2023 and administered by the Housing and Livable Communities, the program provides local or state tax credits to subsidize the construction of market-rate housing as a tool for economic development and neighborhood stabilization in Gateway Cities. In 2024, HDIP-supported projects helped bring 1,544 new housing units online, and the latest round aims to subsidize 829 new market-rate apartments with about $15 million in credits across several projects statewide.
For the Bedford Lofts project, the funding will help develop a mixed-use building on a site that has long defined the area’s urban edge. The project replaces a former used-car dealership once known as Cantin’s Clunkers and sits on Bedford Street, adjacent to a former parking lot and a nearby auto body shop. Bedford Lofts will dedicate the first floor to an 8,000-square-foot adult day center, with the upper floors comprising four three-bedroom units, 13 two-bedroom units, and 35 one-bedroom units, all planned as market-rate rentals.
The city’s Zoning Board of Appeals in February granted the project two variances and three special permits to proceed, and site work has been underway in recent weeks. Ken Fiola of the Bristol County Economic Development Consultants voiced support for the project, noting strong demand for market-rate housing in Fall River driven by empty-nesters downsizing, young professionals moving into the city, and residents seeking higher-quality apartments with modern amenities.
Beyond Fall River, the state’s latest HDIP round included:
– Fitchburg: $1 million for 17 units
– Haverhill: $3 million for 124 units
– Lowell: $1.3 million for 24 units
– Revere: $5 million for 473 units
– Worcester: $2 million for 139 units
The Revere projects, Portico 1 and 2, are part of creating a new housing and shopping district on the former Suffolk Downs site, signaling a broader push to expand market-rate housing across multiple gateway communities.
The Bedford Lofts project underscores ongoing efforts to diversify Fall River’s housing stock and stimulate downtown economic activity by pairing residential units with community services and commercial space. If completed as planned, the development will contribute to neighborhood stability while offering residents modern, market-rate housing options in a city-centered setting.
Additional notes and context:
– The Cordeiro Group is actively pursuing mixed-use developments that balance housing, business space, and community services.
– HDIP’s role in making these projects financially feasible highlights the state’s emphasis on revitalizing Gateway Cities through targeted incentives.
– The project’s success will depend on continued support from city agencies, permitting processes, and timely construction progress.
Summary: The Bedford Lofts project in Fall River has secured $2.5 million in HDIP tax credits to build a 52-unit, five-story market-rate building with an on-site adult day center and commercial space, illustrating a broader statewide effort to expand housing opportunities in gateway communities. The initiative includes several other funded projects across Massachusetts, aiming to strengthen neighborhoods and spur economic development.