March 4, 2014
$3 Million in Community Investment Tax Credits to Help 38 Community Organizations
Today, United Way joined the Patrick Administration and several Community Development Corporations (CDCs) to announce $3 million in allocations to 38 community organizations across the Commonwealth for a new tax credit that will encourage new economic opportunities for low- and middle-income households throughout Massachusetts.
The new Community Investment Tax Credit (CITC) effectively gives donors an opportunity to invest in the economic development of the local communities that need help most. The CITC offers a 50% state tax credit to individuals and companies who invest in CDCs – a huge savings for a donor, and a significant impact on a CDC’s ability to implement innovative projects that will make both an immediate and lasting impact in our local communities.
“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.”
United Way worked closely with the Massachusetts Association for Community Development Corporations (MACDC) and our State leaders to advocate for and implement the tax credit, and will be fundraising to help CDCs reach the designated funding levels needed to support their programs and claim the tax credit.
CDCs are long-standing partners in United Way’s larger strategies to increase affordable housing and help low-income families access the supports, training and education that lead to good jobs and lasting financial stability. Over the past ten years, more than 13,000 homes and 22,000 jobs were created or preserved because of CDCs.
We currently invest more than $1.7 million in 14 CDCs. Our locally funded CDCs that are participating in the tax credit program include:
- Allston Brighton Community Development Corporation
- Asian Community Development Corporation (ACDC)
- Codman Square Neighborhood Development Corporation
- DorchesterBay Economic Development Corporation
- Inquilinos Boricuas en Accion (IBA)
- Jamaica Plain Neighborhood Development Corporation
- Lawrence CommunityWorks
- MACDC, Inc.
- Madison Park Development Corporation
- Neighborhood of Affordable Housing (NOAH)
- NeighborWorks Southern MA (formerly Neighborhood Housing Services of the SouthShore)
- Nuestra Comunidad Development Corporation
- Urban Edge Housing Corporation
- Vietnamese American Initiative for Development (Viet-AID)
For more information, contact Susan Dickason at email@example.com.