Incentives that go further.

Opportunity Zones

For investors and developers putting capital into downtown and the waterfront.

• Three Lynn census tracts nominated for 2027Two cover most of downtown; one covers the waterfront from the GE Bridge to Blossom Street
• Federal tax benefits for long-term investmentInvestors who hold an Opportunity Zone investment for at least 10 years can receive tax breaks
• Already at work in LynnProjects such as The Mosaic and Woodbury Flats used Opportunity Zone investment

Tax Increment Financing and EDIP

For businesses expanding, relocating or creating jobs in Lynn.

• Local Tax Increment Financing (TIF)A property tax exemption on part of the new value your project creates, negotiated with the City and approved by City Council
• State investment tax creditsThe state Economic Development Incentive Program (EDIP) awards credits of about $10,000 to $15,000 per new full-time job
• Gateway City priorityProjects in Gateway Cities like Lynn get added consideration; the City's endorsement is part of the application
• Quarterly deadlinesApplications are reviewed by the state Economic Assistance Coordinating Council

Housing Development Incentive Program (HDIP)

For developers building or substantially rehabbing market-rate housing.

• State tax credit up to $2 million per projectUp to 25% of qualified costs for the market-rate units
• Local tax increment exemptionA 10% to 100% exemption on new property value for 5 to 20 years, agreed with the City
• At least 80% market-rate unitsNew construction or substantial rehab of multi-unit housing in Lynn's designated HD Zone

PACE Massachusetts

For owners of commercial, industrial and 5+ unit multifamily buildings making energy upgrades.

• Long-term financing up to 20 yearsFor HVAC, boilers, ventilation, solar and other energy improvements
• Repaid through the propertyPayments are a betterment on the property and can transfer to the next owner
• Lynn opted inAvailable to Lynn property owners since 2022, administered by MassDevelopment

Commercial Facade Program

For property owners and commercial tenants improving their storefronts.

• Reimbursement up to $4,000For new or restored signs, awnings and storefront lighting
• Free design helpCity staff help with design options before you hire a contractor
• Eligible commercial areasPaid after the work is completed and approved; contact Community Development at 781-586-6770

EDIC/Lynn business loans

For small businesses located in or moving to Lynn.

• SBA Microloans up to $50,000Fixed 4%, for startups and small businesses
• EDA Revolving Loans up to $150,000Fixed 4%, for projects that create or keep jobs
• Free help firstEvery applicant starts with a free SCORE mentor for their plan and cash flow