On April 3, the Baker-Polito Administration announced $5.9 million in allocations from the Community Investment Tax Credit (CITC) to 46 community development corporations (CDCs). Over the program’s first four years, $34.5 million was raised for critical community development programs that directly benefit low- and moderate-income households across Massachusetts. These funds help CDCs work with residents in their communities by providing affordable housing options, access to services, and capital for aspiring entrepreneurs as well as programs and services to ensure that community residents thrive.
The CITC awards up to $150,000 in credit allocations to certified CDCs. CDCs apply for tax credits to support fundraising for the development and implementation of their community investment plan from the CITC program. 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 50 percent of the total qualified investment made by the taxpayer. CDCs were awarded credits based on the CDC’s demonstrated progress implementing its community investment plan and past use of credit allocations.
For the Governor's press release on the award announcement, click here.
2018 CITC Award Winners: