Baker-Polito Administration Awards Community Investment Tax Credits to 48 Community Development Corporations
Community Investment Tax Credits allow non-profit CDCs to leverage private investments for housing and services
BOSTON – Today the Baker-Polito Administration announced a total of $6 million in tax credit allocations to 46 Community Development Corporations (CDCs) and two Community Support Organizations under the state’s Community Investment Tax Credit (CITC) program.
The CITC program allows local residents and stakeholders to work with community development corporations, which partner with nonprofit, public and private entities to improve economic opportunities for low- and moderate-income households and communities. Since the program’s inception in 2014, CDCs across the Commonwealth have significantly increased their ability to raise funding from private investment: the CITC program has generated over $22.8 million in private investments across Massachusetts in the last three years.
“We are committed to working closely with local leaders and advocates to build stronger communities across the Commonwealth,” said Governor Charlie Baker. “This program will enable Community Development Corporations to address important local issues, build foundations for economic growth and opportunities to support those who need it most in their regions and neighborhoods.”
“Encouraging community and private partnerships can spur local investment and solutions in Massachusetts’ cities and towns,” said Lieutenant Governor Karyn Polito. “The increased community development capacity this program creates will drive growth across all zip codes in the Commonwealth.”
“Our municipalities have tremendous potential that Community Development Corporations help to leverage for sustained growth,” said Housing and Economic Development Secretary Jay Ash. “This work, done across the Commonwealth, creates thriving communities with opportunities for all to participate in, and benefit from a growing economy.”
“Supporting our Community Development Corporations through the Community Investment Tax Credit helps them to help families find homes and jobs, grow businesses, and bring communities together,” said Undersecretary of Housing and Community Development Chrystal Kornegay. “This work helps our residents, supports our businesses, and grows our statewide economy.”
“We are grateful to the Baker-Polito Administration for its strong commitment to the community development field, as evidenced by this remarkable investment in Community Development Corporations across the state,” said Joseph Kriesberg, President & CEO of MACDC. “These tax credit allocations are going to empower locally-driven, public-private partnerships that will expand economic opportunity and improve the quality of life in every corner of our state.”
The CITC program awards up to $150,000 in credit allocations to certified CDCs. CDCs apply for tax credits to support fundraising for the development and implementation of their community investment plan from the CITC program. Individuals, corporations and other entities that make a cash contribution resulting in a qualified investment to an awarded CDC will earn tax credits equal to fifty percent of the total qualified investment made by the taxpayer. CDCs were awarded credits based on the CDC’s demonstrated progress implementing its CIP and past utilization of previous credit allocations.
2017 Community Investment Tax Credit Recipients:
ACT Lawrence: $50,000
Allston Brighton CDC: $150,000
Asian CDC (Boston): $135,000
Codman Square NDC (Dorchester): $150,000
Community Development Partnership (Eastham): $120,000
Community Teamwork Inc. (Lowell) : $129,615
Dorchester Bay EDC: $79,615
Downtown Taunton Foundation: $50,000
Fenway CDC (Boston): $150,000
Franklin County CDC (Greenfield): $129,615
Groundwork Lawrence: $150,000
Harborlight Community Partners (Beverly): $150,000
HAP Housing (Springfield): $150,000
Hilltown CDC (Chesterfield): $150,000
Housing Assistance Corp. Cape Cod: $150,000
Housing Corp. of Arlington: $129,615
Housing Nantucket: $150,000
Inquilinos Boricuas en Acción (IBA) (Boston): $129,615
Island Housing Trust (Martha’s Vineyard): $150,000
Jamaica Plain Neighborhood Development Corp: $150,000
Just-A-Start (Cambridge): $125,000
Lawrence Community Works: $150,000
Lena Park CDC (Dorchester): $50,000
Local Initiatives Support Coalition Boston: $129,615
Massachusetts Association of Community Development Corporations (Boston): $150,000
Madison Park CDC (Roxbury): $150,000
Main South CDC (Worcester): $125,000
NeighborWorks (Quincy): $129,615
NewVue Communities (Fitchburg): $150,000
Neighborhood of Affordable Housing (East Boston): $150,000
North Shore CDC (Salem): $129,615
Nuestra Comunidad (Roxbury): $150,000
Oak Hill CDC (Worcester): $129,615
Quaboag Valley CDC (Ware): $129,615
Revitalize CDC (Springfield): $150,000
Southern Middlesex Opportunity Council (Framingham): $150,000
Somerville Community Corp.: $150,000
South Boston NDC: $79,615
Southwest Boston CDC (Hyde Park): $60,000
The Neighborhood Developers (Chelsea): $150,000
Urban Edge (Roxbury): $150,000
Valley CDC (Holyoke): $150,000
WATCH CDC (Waltham): $129,615
WHALE (New Bedford): $129,615
Worcester Common Ground: $150,000
Worcester East Side CDC: $100,000
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