The City of Worcester was selected as one of eight cities by the Commonwealth of Massachusetts to participate in this new program that will encourage small businesses to locate in vacant storefronts within our Vacant Store Front Districts. Businesses or individuals may apply to the Economic Assistance Coordinating Council (EACC) with the support of our Business and Community Development Division for refundable Economic Development Incentive Program (EDIP) tax credits for leasing and occupying a vacant storefront in one of our three Vacant Store Front Districts.
Businesses locating in a vacant, first‐floor storefront within our three Vacant Store Front Districts are eligible to apply to the Vacant Downtown Storefronts program. Locations are considered vacant if they have been unoccupied for at least 12 months.
Vacant Store Front Commercial Districts:
The EACC will award EDIP tax credits that match the level of municipal support businesses receive for moving into vacant storefront. Refundable tax credits may be up to $10,000. A business may only receive one award from this program. We encourage businesses planning to take advantage of the MSVP tax credit to also apply to the City's Small Business Grant program for additional funding.
The tax credits reduce the recipient's tax liability to the Commonwealth; to the extent the tax credit award exceeds the tax liability, the difference will be refunded to the taxpayer. The tax credits can be claimed by the business upon their next filing of a tax return with the Commonwealth.
Interested businesses or individuals must submit an application by the posted deadline to be considered at the corresponding EACC meeting.
Please see application form, guidelines and due dates at the following state website. Note that applicants must receive a letter of support from the City of Worcester.
For more information and to apply, contact:
Business & Community Development Coordinator