Central Mass. CDCs receive $925K in tax credits
Photo | Mass. Executive Office of Housing and Economic Development
Lt. Governor Karyn Polito and Housing and Community Development Undersecretary Jennifer Maddox joined CDC leaders to make the $9.5-million announcement.
Five Central Massachusetts organizations were among the list of 51 community development corporations and community service organizations slated to receive $9.5 million in tax credits from the state’s Community Investment Tax Credit program, according to a Thursday press release.
The Main South Community Development Corp. of Worcester will receive $175,000. The South Middlesex Opportunity Council in Framingham will receive $250,000. NewVue Communities of Fitchburg will receive $250,000. Worcester Common Ground will receive $150,000. And Worcester Community Housing Resources will receive $100,000.
CDCs are nonprofits, which focus on housing, small business development, and community organizing in order to improve neighborhoods in need of support.
The tax credits are used to incentivize donations for the organizations. The $9.5 million offered this year is anticipated to help raise $20 million in donations. Since the program began in 2014, the Massachusetts Department of Housing and Community Development has allocated roughly $50 million in tax credits, yielding nearly $95 million in new investment for CDCs.
“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,” Mike Kennealy, secretary of housing and economic development, said in the press release.
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