In 1996 the Quincy yard was the first to qualify for revitalization under new legislation aimed at reactivating former military yards. The US Maritime Administration has approved guarantees for $55 million in loans for modernization of the Fore River Shipyard. On 07 May 1997 the Massachusetts Water Resources Authority sold 130 acres of land, drydocks, cranes and warehouses at the facility to Massachusetts Heavy Industries, a company founded by Sotirios Emmanouil, a Greek national. Although the market value of the land was estimated as high as $35 million, the selling price was $10 million.
On 18 December 1997 US Secretary of Transportation Rodney E. Slater announced a $55 million federal loan guarantee to Massachusetts Heavy Industries (MHI) to modernize the Fore River Shipyard in Quincy. The federal government offered to use the federal ship financing program known as Title XI to guarantee private funds for the revitalization of the yard. Congress passed legislation in 1996 to authorize $100 million in Title XI loan guarantees for this type of project. The Transportation Department's Maritime Administration (MARAD) administers the Title XI program and had been working with MHI for since 1995 on the Quincy shipyard revitalization project. On Nov. 1, 1996, MARAD issued a letter commitment to MHI for the $55 million financing guarantee. The Quincy modernization project was expected to be completed by the end of 1998. Since its enactment of the National Shipbuilding Initiative in 1993, MARAD has approved more than $2 billion in loan guarantees under the Title XI program.The United States Naval Shipbuilding Museum and USS Salem are located at the former Fore River Shipyard.