Governor announces over $5 million in tax credits
Continuing the Patrick Administration’s commitment to encourage new economic opportunities for low- and middle-income households throughout Massachusetts, Department of Housing and Community Development Undersecretary Aaron Gornstein recently announced over $5 million in Community Investment Tax Credits to 44 community organizations across the Commonwealth.
The tax credits will be distributed by 42 Community Development Corporations and two Community Support Organizations to investors in exchange for donations to their organization. The tax credits are intended to increase the capacity of these community-based organizations to boost housing and economic activity in their communities. The announcement was made at a Rural Housing Summit on the College of the Holy Cross in Worcester.
“This unique public-private partnership will help to spur economic activity and innovative projects in cities and towns across the Commonwealth. By partnering with local Community Development Corporations and private investors, we are creating greater opportunity for low- and moderate-income families in Massachusetts and helping to revitalize communities at the same time,” said Gornstein.
The Community Investment Grant Program is designed to enable local residents and stakeholders to work with and through CDCs to partner with nonprofit, public and private entities to improve economic opportunities for low- and moderate-income households and other residents in urban, rural, and suburban communities across the Commonwealth.
“The Community Investment Tax Credit will leverage private dollars for the state’s best CDCs so they can undertake high-impact, resident-led community development,” said Joseph Kriesberg, President of the Massachusetts Association of Community Development Corporations. “This program will help to ensure that every community and every family has a better opportunity to fully participate in our economy.”
The Department of Housing and Community Development is the administering agency for CITC, responsible for managing the process by which the credits are allocated to eligible CDCs. The program was created in 2012 through the Jobs Bill signed by Governor Patrick in August 2012, and is available to CDCs through 2019.
Improving the housing stock at all levels has been a priority for the Patrick Administration. Since 2007, it has invested over $1 billion in state and federal resources to create 24,000 units of housing across the Commonwealth, of which approximately 22,000 are affordable.
Among CDC receiving the tax credit allocations are the Codman Square NDC; Dorchester Bay EDC; Dudley Neighbors, Inc.; Fenway CDC; Jamaica Plain NDC; Madison Park CDC; Nuestra Comunidad; Urban Edge; and Viet Aid.