"This vital funding for the city of Lowell will ensure that we continue the development of Lowell's Renewal Community. The revitalization of this area will help Lowell attract visitors, as well as new businesses and job opportunities for its residents," said Meehan.  "I commend the City of Lowell for their leadership and look forward to working closely with them on these projects."

The CRD is part of the Renewal Community program, which offers special tax incentives for commercial development in certain census tracts in Lowell. Lowell, in addition to Lawrence, is one of just two Renewal Communities in Massachusetts. The CRD allows property owners to deduct the costs of rehabilitation and new construction of substantially commercial projects from federal income as a means of accelerated depreciation. Awards are approved by the city and the state.

“The Renewal Community was established by HUD to attract commercial investment and create jobs in the communities and neighborhoods that need private investment most, and these projects are great examples of that,” said Brian Connors, City of Lowell Director of Economic Development.

Connors noted that the city will be seeking applications for projects completed next year for another round of CRD’s in late 2006. For more information on Lowell’s Renewal Community, visit: www.lowellma.biz