Medford to Help Strengthen Small Businesses with Significant Tax Relief Program

The Medford Economic Development division is establishing a Vacant Storefront District Program in partnership with the Massachusetts Office of Business Development, announced Mayor Breanna Lungo-Koehn. The program aims to revitalize business districts through tax relief for vacant storefronts.  

The Vacant Storefront District Program provides tax credits of up to $10,000 to businesses that occupy eligible first-floor storefronts and have been vacant for 12 months or more within the six Medford Vacant Storefront Districts. The Economic Assistance Coordinating Council (EACC) will award Economic Development Incentive Program (EDIP) tax credits of up to $5,000 with a $5,000 match from the City using Community Development Block Grant (CDBG) funding, for a total potential award of up to $10,000. A business may only receive one award from this program. 

"Many of our vacant storefronts are facing financial challenges that are keeping them from successfully opening in our downtown,” said Mayor Lungo-Koehn. “As we work to revitalize Medford’s business districts, this tax credit will relieve some of that financial burden and allow businesses to flourish.” 

Interested businesses or individuals must submit an indication of interest form before applying to the EACC by the posted State deadlines to be considered at the corresponding EACC meeting. Find the indication of interest form here. 

For more information about the program, visit medfordma.org/vacant-storefronts. With questions about the application process, contact Jessica Martinez, Economic Development Planner, at jmartinez@medford-ma.gov.