For Immediate Release - March 04, 2014

$3 Million in Community Investment Tax Credits to 38 Community Organizations

Tax Credits will Allow Community Partners to Solicit Additional Support for their Organizations

WORCESTER – March 4, 2014 – Expanding 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 $3 million in Community Investment Tax Credits to  38 community organizations across the Commonwealth.

The awarded tax credits will be distributed by 36 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 held at the Worcester Boy’s and Girl’s Club.

“When we invest in the community organizations that support our families, we create lasting economic and social impact that will strengthen our communities for generations to come,” said Governor Patrick. 

“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.”

"As one of the largest private funders of community development corporations for many years, United Way understands the value of investing in our communities through CDCs.  By supporting this tax credit, we can generate new resources for the quality housing, job training, and workforce development programs that are critical to building a strong local and regional economy," said Michael Durkin, President of United Way of Massachusetts Bay and Merrimack Valley.  "The CITC is a tremendous incentive for donors to make a significant impact."

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.

Since 2009, the Patrick Administration worked with the Legislature and Congress to direct over $700 million in federal and state tax credits and state housing program subsidies to projects that improve the state's affordable housing, create jobs and build stronger communities. These investments have generated more than 14,000 jobs and 10,000 homes.

The following Community Development Corporations are receiving the following tax credit allocations:

2014 COMMUNITY INVESTMENT TAX CREDIT ALLOCATIONS

 
 

 

CDC Applicant

Allocation

 

 

Allston Brighton CDC

$60,000

 

 

Asian CDC

$80,000

 

 

CDC of Southern Berkshires

$50,000

 

 

Coalition for a Better Acre

$80,000

 

 

Codman Square NDC

$110,000

 

 

Community Development Partnership

$80,000

 

 

Community EDC of Southeastern MA

$60,000

 

 

Community Teamwork, Inc.

$80,000

 

 

Dorchester Bay EDC

$80,000

 

 

Downtown Taunton

$50,000

 

 

Fenway CDC

$80,000

 

 

Franklin County CDC

$110,000

 

 

HAC Arlington

$50,000

 

 

HAC Cape Cod

$50,000

 

 

Hilltown CDC

$60,000

 

 

Island Housing

$110,000

 

 

Jamaica Plain NDC

$110,000

 

 

Lawrence Community Works

$100,000

 

 

Madison Park CDC

$80,000

 

 

Main South CDC

$110,000

 

 

NeighborWorks Southern MA

$80,000

 

 

NOAH

$110,000

 

 

North Shore CD Coalition

$80,000

 

 

Nuestra Comunidad

$60,000

 

 

Oak Hill CDC

$110,000

 

 

Quaboag Valley CDC

$50,000

 

 

Somerville Community Corp

$80,000

 

 

South Boston NDC

$50,000

 

 

Southwest Boston CDC

$50,000

 

 

Springfield NHS

$60,000

 

 

The Neighborhood Developers

$110,000

 

 

Twin Cities CDC

$110,000

 

 

Urban Edge

$110,000

 

 

Valley CDC

$50,000

 

 

Viet Aid

$80,000

 

 

Watch CDC

$60,000

 

 

   
 

CSO Applicants

  

 

LISC

$80,000

 

 

MACDC

$80,000

 
    
 

TOTAL:

$3,000,000