Economic Target Areas: The Massachusetts Economic Development Incentive Program (EDIP) aims to stimulate economic growth by offering incentives to businesses that expand, relocate or build new facilities in one of 40 Economic Target Areas (ETAs)- Lowell has been designated an Economic Target Area.

An Economic Opportunity Area (EOA) is an area or several areas within a designated ETA of particular need and priority for economic development. These areas are selected by the individual communities, and must meet one of four statutory criteria for designation. Lowell has currently 8 EOA's.

A Certified Project is a business that is expanding its existing operations, relocating its operations, or building new facilities and creating permanent new jobs within an EOA. Prospective candidates submit an application to the community project liaison for consideration. Certified projects may receive state tax incentives, including a five-percent investment tax credit for qualifying tangible, depreciable assets. There also is a 10-percent abandoned building tax deduction for costs associated with the renovation of an abandoned building. In addition, such businesses qualify for municipal tax incentives. Please also visit our Renewal Community pages to learn more about these federal incentives for commercial development in Lowell.