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

A release from governor's office