Lowell Mill Conversion Gets $2.4M in HDIP Tax Credits for 27-Unit Housing Project
The Turbine Building, a 1910 structure formerly part of the Lowell Manufacturing Company/Bigelow Carpet Company, will be converted into one- and two-bedroom units with loft options.
A historic Lowell building will soon take on new life as a housing complex in the city.
The Turbine Building, a 1910 structure formerly part of the Lowell Manufacturing Company/Bigelow Carpet Company, will be converted into one- and two-bedroom units with loft options. This redevelopment blends historic industrial character with modern amenities and safety systems.
The (Lowell) Sun reported that Novus Properties has secured $2.4 million in Housing Development Incentive Program (HDIP) tax credits to rehabilitate the Turbine Building in the Market Street Mills complex in downtown Lowell, creating 27 market-rate housing units.
Developer Ke Ning, who acquired the property in January, has released a development plan for the Turbine Building. Ning's plan calls for energy-efficient heating and cooling, restored oversized windows, updated life-safety systems, roof and facade repairs, and restoration of the historic exterior and windows. The Lowell Historic Board approved the project at a public hearing held in April.
The roughly $10 million development is anticipated to break ground in June 2026. Completion of the project is scheduled for June 2028.
Lowell officials and representatives, including state Rep. Vanna Howard and Lt. Gov. Kim Driscoll, frame the project as a driver of downtown growth, improved transit access, and the preservation of Lowell's historic character. In addition, the project addresses issues of housing scarcity and affordability gaps.
Since its inception, HDIP has disbursed $102 million to 46 projects. These funds have supported the construction of 2,742 new homes across 15 cities as part of a state effort to expand market-rate housing and stimulate economic development in Gateway Cities.
According to The Sun, HDIP awards have announced $15 million in funding for six projects across five Gateway Cities, including Lowell, to create 369 new homes. The program's annual cap has been raised from $10 million to $30 million, with a one-time infusion of $57 million under a 2023 tax-cut package.
