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Baker-Polito Administration Announces $9.7 Million in Tax Credits to Support Critical Community Partners 

REVEREToday, the Baker-Polito Administration announced the 2021 Community Investment Tax Credit (CITC) program allocations to 53 community development corporations (CDCs) and Community Service Organizations (CSOs) from across Massachusetts. Nearly $9.7 million in tax credits will help organizations enhance their fundraising and organizational capacity, in support of their efforts to increase economic opportunity for low- and moderate-income residents.  Lt. Governor Karyn Polito and Housing and Economic Development Secretary Mike Kennealy were joined by a wide range of community development corporations and community service organizations in Revere for today's announcement.     “Massachusetts is fortunate to have a large network of CDCs, keenly aware of community needs, providing a diverse array of services,” said Governor Charlie Baker. “We are proud to continue supporting the Community Investment Tax Credit program, which has enabled CDCs to raise and invest more than $75 million since it started.”      “The Commonwealth’s Community Development Corporations are leaders on the ground, creating tailored programing to fill gaps in their own neighborhoods, with financial literacy programs, small business support, first-time homebuyer education and youth services,” said Lt. Governor Karyn Polito. “Over the past year, CDCs were also vital partners in our statewide response to COVID-19, responding to local needs with direct aid and services and we are pleased to support our partners at CDCs across Massachusetts.”    “Massachusetts Community Development Corporations have been ringing the alarm on our housing crisis for many years, and they have been building high-quality, affordable rental and homeownership opportunities to meet local demand. Throughout the pandemic, they have also been invaluable resources for our small businesses, especially those owned by people of color and serving disadvantaged communities,” said Housing and Economic Development Secretary Mike Kennealy. “The CITC Program enables CDCs to increase their fundraising, and in turn make greater investments in our communities to improve housing, provide assistance to small businesses, and enable neighborhoods to thrive.”   Community development is a critical part of DHCD’s mission, and our CDCs continue to be powerhouses of innovation and leadership in their regions. DHCD has long worked with CDCs to pilot new programs, fund financial literacy and first-time homebuyer programs, and develop affordable housing,” said Housing and Community Development Undersecretary Jennifer Maddox. “We are proud to continue supporting this high-impact program to help CDCs expand their reach.”    Community-based organizations have always been an important on-the-ground partner for the Commonwealth, and their efforts during the COVID-19 pandemic have been nothing short of heroic in supporting residents and small businesses. The network of Small Business Technical Assistance Providers helped businesses, especially those owned by people of color, individuals with low- and moderate-incomes, and other vulnerable demographic groups, navigate the reopening process, apply for the federal PPP loans, and access the more than $700 million awarded by the state through the Massachusetts Growth Capital Corporation (MGCC). These organizations will also continue to be key partners on neighborhood stabilization, affordable housing production, and closing the racial homeownership gap.   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 more than $42 million of these tax credits, yielding nearly $75 million in new investment for CDCs.   “I am so grateful for the partnership between the City of Revere and The Neighborhood Developers,” said Representative Jessica Giannino.  “This past year has put a financial strain on many, especially our community's low- and moderate-income households. This funding will help to provide new economic opportunities to these households, which will overall strengthen our City of Revere.”    “I am pleased to join Lt. Governor Polito and Secretary Kennealy in recognition and in support of the Community Investment Tax Credit Program,” said Representative Jeffrey Rosario Turco.  “This tax credit program is helping the Commonwealth address the critical need for low- and moderate-income housing at a time when the cost of housing continues to dramatically rise.  Thanks also for The Neighborhood Developers for the good work that they are doing.”    “From my extensive experience with TND and Rafael’s leadership, I trust that these credits, combined with Community Development Block Grant funds recently awarded by my Office of Planning and Community Development, will go a long way towards meeting the needs of our hard-working families,” said Revere Mayor Brian Arrigo. “Together we can create solutions to the housing crisis that create transformational benefits for all of us. These partnerships are not only helpful—they are absolutely necessary to yielding progress for our communities. Thank you, Lieutenant Governor Polito, Secretary Kennealy, our state delegation, and the folks at TND and MACDC for this collaborative effort.   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.   “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 to respond to the urgent and ever-changing needs of our communities during this awful pandemic.  Now, with these awards, CDCs can leverage more private investment to fuel equitable recovery and growth.”

"We are thrilled to be one of the lucky fifty-three CDCs to benefit from the generosity of CITC donors invested in creating more affordable homes, well-paying jobs, and more local leaders contributing to promoting equity and racial justice in their communities. These partnerships have the greatest impact at  local communities like Chelsea and Revere," said Rafael Mares, Executive Director of The Neighborhood Developers.    Earlier this summer, the Baker-Polito Administration and MGCC announced the award of $4 million to 45 non-profit technical assistance providers, many that are receiving CITC allocations, to continue working with small businesses and entrepreneurs from traditionally underserved communities to grow and expand their businesses. Additionally, $14.7 million in grants were awarded to 15 organizations, including Community Teamwork, LISC Boston, Mill Cities Community Investments, and Southeast Asian Coalition of Central Massachusetts (SEACMA), under MGCC’s Community Development Financial Institution and Community Development Corporation’s (CDFI and CDC) Match Grant Program, which funds both lending and mini-grant programs for small businesses.   2021 CITC Tax Credit Allocations

ACEDONE*: $50,000 Act Lawrence:  $50,000 Allston Brighton CDC:  $200,000 Asian CDC:  $170,000 CDC Southern Berkshire:  $250,000 CEDC:  $100,000 Chinatown Community Land Trust*:  $50,000 Coalition for a Better Acre:  $125,000 Codman Square Neighborhood Development Corp.:  $200,000 Community Development Partnership:  $250,000 Community Teamwork:  $200,000 Dorchester Bay Economic Development Corp.:  $150,000 Downtown Taunton: $75,000 Dudley Neighbors, Inc.:  $150,000 Fenway CDC:  $250,000 Groundwork Lawrence: $250,000 Harborlight Community Partners:  $250,000 Hilltown CDC:  $150,000 Housing Assistance Corp. Cape Cod:  $250,000 IBA:  $150,000 Island Housing Trust:  $250,000 JPNDC:  $200,000 Just-A-Start:  $250,000 Lawrence Community Works:  $250,000 Lena Park:  $100,000 LISC Boston:  $250,000 MACDC:  $250,000 Madison Park CDC:  $200,000 Main South CDC:  $150,000 Mill Cities Community Investments: $250,000 NeighborWorks Housing Solutions:  $150,000 New Vue Communities:  $250,000 NOAH:  $250,000 North Shore CDC:  $250,000 Nuestra Comunidad:  $200,000 One Holyoke: $200,000 Quaboag CDC:  $250,000 Revitalize CDC: $200,000 SMOC:  $250,000 Somerville CDC:  $175,000 South Boston NDC:  $50,000 South East Asian Coalition Central MA*:  $50,000 Southwest Boston:  $150,000 The Neighborhood Developers:  $200,000 Urban Edge:  $250,000 Valley CDC:  $200,000 WATCH:  $200,000 Way Finders:  $175,000 Wellspring Cooperative: $150,000 WHALE:  $175,000 Worcester Common Ground:  $150,000 Worcester Community Housing: $175,000 Worcester East Side: $100,000   *Newly certified CDCs and first-time applicants

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