37 Community Development Corporations Awarded Community Investment Tax Credits
Community Investment Tax Credit allocations jumpstart CDC fundraising
Boston – March 25, 2016 – (RealEstateRama) — Governor Charlie Baker and Lt. Governor Karyn Polito are pleased to announce a total of $4.5 million in tax credit allocations to 37 Community Development Corporations (CDCs) under the Community Investment Tax Credit (CITC) program.
The CITC program allows local residents and stakeholders a new opportunity to work with community development corporations, which partner with nonprofit, public and private entities to improve economic opportunities for low- and medium-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 $13 million in private investments across Massachusetts in the last two years.
“This program encourages private investment in CDCs, increasing their capacity and ability to work with public, private and nonprofit organizations to execute a wide variety of programs,” said Governor Baker. “Our local CDCs lay the foundation for strong communities, and these incentives encourages collaboration with private stakeholders.”
“Community development corporations play a vital role in driving grassroots economic development, whether in urban, rural, or suburban settings,” said Lt. Governor Polito. “The Community Investment Tax Credit helps CDCs serve vulnerable populations and communities, through affordable housing development, small business assistance, commercial development, and community organizing.”
“Encouraging private investment in local CDCs leverages our existing assets in Massachusetts,” said Housing and Economic Development Secretary Jay Ash. “We have tremendous capacity in our CDCs to implement effective, wide-ranging programs and initiatives in community development.”
“The CITC is a highly effective tool for connecting residents and businesses to outstanding community-based organizations,” said Undersecretary of Housing and Community Development Chrystal Kornegay. “The work of CDCs is critical. They make Massachusetts great everywhere.”
The CITC program awards up to $150,000 in credit allocations to certified CDCs. CDCs apply to the CITC program for selection as a Community Partner and for tax credits to support fundraising for the development and implementation of their plan. 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 past utilization of previous credit allocations.
2016 Community Investment Tax Credit Allocations
Community Development Corporation Recipients
Allston Brighton Community Development Corporation: $150,000
Asian Community Development Corporation: $100,000
Community Development Corporation of South Berkshire: $50,000
Codman Square Neighborhood Development Corporation: $150,000
Community Development Partnership: $120,000
Community Teamwork, Inc.: $130,000
Dorchester Bay Economic Development Corporation: $55,000
Fenway Community Development Corporation: $150,000
Franklin County Community Development Corporation: $130,000
HAP Housing: $130,000
Housing Assistance Corporation – Cape Cod: $150,000
Harborlight Community Partners: $150,000
Housing Corporation of Arlington: $50,000
Island Housing Trust: $150,000
Jamaica Plain Neighborhood Development Corporation: $150,000
Just-A-Start: $100,000
Lawrence Community Works: $150,000
Lena Park Community Development Corporation: $50,000
Metro West Collaborative Development: $75,000
Madison Park Development Corporation: $150,000
Main South Community Development Corporation: $150,000
Neighborhood of Affordable Housing, Inc.: $150,000
North Shore Community Development Coalition: $110,000
Nuestra Comunidad Development Corporation: $50,000
Oak Hill Community Development Corporation: $130,000
Quaboag Valley Community Development Corporation: $130,000
Somerville Community Corporation: $55,000
South Boston Neighborhood Development Corporation: $100,000
South Middlesex Opportunity Council: $150,000
The Neighborhood Developers: $150,000
NewVue Communities: $150,000
Urban Edge: $150,000
Valley Community Development Corporation: $150,000
Waltham Alliance to Create Housing Community Development Corporation: $100,000
Waterfront Historic Area LeaguE: $150,000
Community Support Organization Recipients
Massachusetts Association of Community Development Corporations: $150,000
Local Initiatives Support Corporation: $130,000
Media Contact
Samantha Kaufman (HED) – samantha.kaufman (at) state.ma (dot) us
Adrian Servetnick (HED) – adrian.servetnick (at) state.ma (dot) us
http://www.mass.gov/
