FRAMINGHAM – 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, yesterday, May 2.
The 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, Corporations across the Commonwealth have significantly increased their ability to raise funding from private investment: the 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, in a statement.
“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,” said the Governor.
The South Middlesex Opportunity Council was awarded a $150,000 tax credit, the maximum amount.
“Encouraging community and private partnerships can spur local investment and solutions in Massachusetts’ cities and towns,” said Lieutenant Governor Karyn Polito, in a statement. “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, in a press release. “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, in a press release. “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, in a press release. “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.