Allegrone Awarded CCTCI State Funding to Revitalize Historic Pittsfield Landmark
February 18, 2026
Massachusetts Gov. Maura Healey and statewide leaders gathered Tuesday afternoon in Pittsfield to announce a $140 million state grant that will create new affordable housing units across the state, including in Pittsfield, MA.
"I'm looking out and I see people who live in this city who work hard to protect and save lives every day in the city to educate our kids in this city," Healey said during a news conference. "They need to be able to afford to live here."
“This project won’t just provide homes, it will bring more foot traffic to our downtown shops, restaurants, and our local businesses, while making the gateway to downtown Pittsfield vital and inviting once again," said Louis E. Allegrone, Vice President of Allegrone Companies.
Gov. Maura Healey announced Allegrone is receiving $1.39 million in tax credits. That award is part of $8.4 million in tax credits through the Commercial Conversion Tax Credit Initiative, a program funded by the 2024 Affordable Homes Act.
"These multi-layered developments do not come together conventionally, it takes time, it takes resources, and a strong Public-Private Partnership; ignited by an innovative vision from our Governor and administration—the Commercial Conversion Tax Credit Initiative is a new example of this,” Allegrone says, "it is not remotely feasible without a combination of State and Local initiatives like these to balance the immense costs required to create a unit of housing; especially in an end of life cycle historic city asset like this building."
The project is among 20 developments receiving support through the administration’s latest housing programs, which aim to stimulate downtown revitalization and expand housing availability. Allegrone's conversion of the former bank building will have 23 apartments — 19 market rate and four affordable — and convert the first floor into street level retail and contain a commercial kitchen.
Media Coverage
Berkshire Eagle: Allegrone awarded first grant as part of new state program helping turn commercial buildings into apartments [PDF] [Link]
News10: Why historic Pittsfield bank is turning into affordable housing [PDF] [Link]
22 News: Gov. Healey allocates $140M for housing in Massachusetts [PDF] [Link]
Mass.gov: Governor Healey Announces Over $140 Million to Create More Than 1,300 New Homes Statewide [Link]