For Immediate Release - March 24, 2016

37 Community Development Corporations Awarded Community Investment Tax Credits

Community Investment Tax Credit allocations jumpstart CDC fundraising

Boston – Thursday, March 24, 2016 – Today, Governor Charlie Baker and Lt. Governor Karyn Polito are pleased to announce a total of $4.5 million in tax credit allocations to 35 Community Development Corporations (CDCs) and two Community Support Organizations 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 moderate-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 encourage 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 organizations doing outstanding work in their own communities,” 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 community investment plan (CIP). 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.  

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