Patrick Administration Announces Over $5 Million in Community Investment Tax Credits to 44 Community Organizations
Tax Credits Will Allow Community Partners to Solicit Additional Support for their Organizations
WORCESTER – December 18, 2014 – (RealEstateRama) — Thursday, December 18, 2014 – 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 today announced over $5 million in Community Investment Tax Credits to 44 community organizations across the Commonwealth.
The awarded 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 provided to increase the capacity of these community-based organizations so they can boost housing and economic activity in their communities. Today’s 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 Undersecretary Gornstein.
The Community Investment Grant Program is designed to enable local residents and stakeholders to work with and through community development corporations 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. Community Development Corporations do this through the adoption of community investment plans to undertake community development programs, policies, and activities.
“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 Mass. Assoc. of Community Development Corporations. “What is particularly exciting about this program is the way brings together the public sector, the private sector and local communities to forge creative, bottom-up solutions that yield real results. 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 and is 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, the Patrick Administration 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.
Click here (link is external) for the list of Community Development Corporations receiving the tax credit allocations
