On Tuesday, March 4th, Massachusetts, Department of Housing and Community Development
Undersecretary Aaron Gornstein announced the Somerville Community Corporation as one of 38 community organizations across the Commonwealth to receive awards through the state’s new Community Investment Tax Credits (CITC).
Created in 2012 through the Jobs Bill signed by Governor Patrick, the CITC program provides 50% tax credits for donations to certified Community Development Corporations in Massachusetts to increase the capacity to boost housing and economic activities in their communities. SCC was awarded $80,000 in tax credits for 2014 and $125,000 in credits for 2015, allowing the 45 year old organization to offer personal and corporate donors giving $1,000 or more each a 50% credit on their state taxes. SCC was one of only 16 CDCs statewide to be awarded credits for both 2014 and 2015.
“SCC is thrilled to have been awarded this new opportunity to attract private investment in the critical work we’re doing to connect Somerville people to affordable housing and local jobs, building and sustaining the very fabric of the community we want here in Somerville,” said Danny LeBlanc, SCC’s CEO. “It will enable SCC to help Somerville families take full advantage of the opportunities flowing from all the new development coming to our community.”
By enabling local residents and stakeholders to work with and through community development corporations like SCC to partner with nonprofit, public and private entities, the CITC program creates new opportunities to spur economic activity and innovative projects that both help low and moderate income families in Massachusetts and revitalize communities.
“The Community Investment Tax Credit will leverage private dollars for the state’s best CDCs so they can undertake high-impact, resident led community development,” said Joseph Kriesberg, President of the Mass. Assoc. of Community Development Corporations. “What is particularly exciting about this program is the way brings together the public sector, the private sector and local communities to forge creative, bottom-up solutions that yield real results. This program will help to ensure that every community and every family has a better opportunity to fully participate in our economy.”
Federal and state credits have been used for years in Massachusetts to improve affordable housing, create jobs, and build stronger communities. Since 2009, these investments have generated more than 14,000 jobs and 10,000 homes.
For more information about the Community Investment Tax Credit: http://www.macdc.org/community- investment-tax-credit
SCCContact: Julia Prange Wallerce, Communications Manager 617-776-5931 x239, email@example.com
F: @SomervilleCommunityCorporation http://www.somervillecdc.org