Press Release: 2022-07-01
Baker-Polito Administration Announces $9.5 Million in Community Investment Tax Credits to Support Community Development Corporations in Massachusetts
Baker-Polito Administration Announces $9.5 Million in Community Investment Tax Credits to Support Community Development Corporations in Massachusetts:
The Community Investment Tax Credit (CITC) has helped organizations raise more than $90 million since 2014 to expand services and local programming
FOR IMMEDIATE RELEASE: 6/30/2022
SALEM — The Baker-Polito Administration announced the 2022 allocation of the Community Investment Tax Credit (CITC) Program. This year, 51 Community Development Corporations (CDCs) and Community Service Organizations (CSOs) will leverage $9.5 million in tax credits, enabling them to raise nearly $20 million from local donors.
Lt. Governor Karyn Polito and Housing and Community Development Undersecretary Jennifer Maddox joined Mayor Kim Driscoll, Senator Joan Lovely, Representative Paul Tucker, and the North Shore Community Development Corporation in Salem yesterday to make the announcement. The tax credit program enables CDCs and CSOs to increase their fundraising capacity and expand programming for low- and moderate-income residents, including small business support, community development efforts, art and placemaking initiatives, affordable housing preservation and development, youth programming, and more.
“Our Community Development Corporations are important local partners who understand their neighbors and have long been advocates for affordable housing, small business support, and other community needs,” said Governor Charlie Baker. “We are proud to support CDCs working at the grassroots level in every region to build local coalitions on behalf of our residents and communities.”
“Congratulations to our CDC partners who have made the CITC program incredibly successful, collectively raising nearly $95 million,” said Lt. Governor Karyn Polito. “At the height of the COVID-19 pandemic, CDCs in every region stepped up to help their neighbors with emergency food deliveries, local financial assistance, and more. Massachusetts residents are grateful for your continued dedication to increasing access to economic opportunity for all.”
“The CITC program enables our CDCs to continue and expand their important role supporting our residents and local economies by championing small business support, housing, emergency assistance, and more,” said Housing and Economic Development Secretary Mike Kennealy. “We have an incredibly talented network of community development specialists in Massachusetts, and are proud to continue supporting their good work.”
“Congratulations to the North Shore CDC and all of today’s recipients of these important tax credits,” said Housing and Community Development Undersecretary Jennifer Maddox. “CDCs have been out front on our housing crisis, focusing on preserving and creating housing in underinvested neighborhoods, and helping low and moderate-income, first-time home-buyers access important investment opportunities. With new federal and state funds, we have an incredible opportunity to increase the pipeline of affordable housing development across the state.”
The CITC program allocates tax credits to CDCs that have adopted Community Investment Plans outlining their development strategies and goals. The credits are then offered by recipient CDCs in exchange for qualified donations, incentivizing the investments required to sustain the work of these organizations. Since the inception of the program in 2014, the Department of Housing and Community Development (DHCD) has allocated roughly $50 million in tax credits, yielding nearly $95 million in new investment for CDCs.
“Local engagement is at the core of our community development coalitions,” said Senator Joan B. Lovely. “Grateful that the North Shore Community Development Coalition received $250,000 to continue their vital work to improve economic opportunities and enhance the quality of life of our residents. CEO Mickey Northcutt and his team understand that to address local issues and create long-lasting change you need to work within and among neighborhoods. Thank you to the Baker-Polito Administration, the Department of Housing and Community Development and the Massachusetts Association of Community Development Corporations for your support and leadership.”
“Thank you to Lt. Gov. Polito for coming to Salem on behalf of the Baker-Polito administration to announce the CITC awards which are a tremendous boost to our communities and an investment which will stimulate a positive direction in addressing our housing needs,” said Representative Paul Tucker.
“Community Investment Tax Credits are a critical tool for expanding economic opportunity and growth, particularly in our lower income neighborhoods and communities,” said Salem Mayor Kim Driscoll. “The $250,000 credits awarded to the North Shore CDC will enable the organization to continue and grow its efforts to make Salem, and the Point neighborhood in particular, more vibrant and more livable. I’m grateful to the Baker-Polito administration and our legislature for making this important program possible.”
“We deeply appreciate the Baker-Polito Administration’s commitment to sustaining and growing this program which is spurring resident-led community development across the Commonwealth,” said Joe Kriesberg, President and CEO of the Massachusetts Community Development Corporations. “This program provided CDCs with the flexible funding they needed during the pandemic and with these new awards the program will enable CDCs to create and preserve affordable housing, help local businesses grow, adapt and thrive and provide a wide range of community tailored programs that help families thrive.”
“It was an honor to host the CITC announcements at North Shore CDC,” said Mickey Northcutt, CEO of North Shore CDC. “We are so appreciative of DHCD and our government officials for continuing this vital program so we can expand affordable housing and essential programming in the state of Massachusetts.”
Certified CDCs provide community services, including financial literacy education, youth services, first-time homebuyer education and counseling, small business support, and other local economic and community development activities. Many CDCs also develop, preserve, and manage local affordable housing portfolios and receive funding or tax credit allocations through DHCD’s affordable housing development programs.
2022 CITC Tax Credit Allocations
Act Lawrence: $50,000
Allston Brighton CDC: $150,000
Asian CDC: $150,000
CDC Southern Berkshire: $150,000
CEDC: $150,000
Chinatown Community Land Trust: $100,000
Coalition for a Better Acre: $150,000
Codman Square Neighborhood Development Corp.: $250,000
Community Development Partnership: $250,000
Community Teamwork: $250,000
Dorchester Bay Economic Development Corp.: $150,000
Fenway CDC: $250,000
Franklin County: $150,000
Groundwork Lawrence: $200,000
Harborlight Community Partners: $250,000
Hilltown CDC: $250,000
Housing Assistance Corp. Cape Cod: $250,000
Housing Corp. of Arlington: $200,000
Housing Nantucket: $200,000
Island Housing Trust: $250,000
JPNDC: $250,000
Just-A-Start: $250,000
Latino Support Network: $100,000
Lawrence Community Works: $250,000
LISC Boston: $150,000
MACDC: $250,000
Madison Park CDC: $200,000
Main South CDC: $175,000
Metro West Collaborative Dev.: $75,000
Mill Cities Community Investments: $200,000
New Vue Communities: $250,000
NOAH: $250,000
North Shore CDC: $250,000
Nuestra Comunidad: $150,000
OneHolyoke: $100,000
Quaboag CDC: $100,000
Revitalize CDC: $200,000
SMOC: $250,000
Somerville CDC: $150,000
South Boston NDC: $75,000
Southeast Asian Coalition of Central MA: $100,000
Southwest Boston: $250,000
The Neighborhood Developers: $200,000
Urban Edge: $250,000
Valley CDC: $210,000
WATCH: $250,000
Way Finders: $200,000
Wellspring Cooperative: $150,000
WHALE: $250,000
Worcester Common Ground: $150,000
Worcester Community Housing: $100,000