Community Investment Tax Credit Worcester Community Housing Resources Main South CDC Southeast Asia Coalition
Several local nonprofits in central Massachusetts received money from the Baker-Polito administration’s 2021 Community Investment Tax Credit (CITC) program to help increase economic opportunities for income-earning residents. low and moderate.
Those who benefit from the CITC program include Worcester Community Housing Resources, Main South Community Development Corporation, and the Central Massachusetts Southeast Asia Coalition.
The program has allocated nearly $ 9.7 million in tax credits to 53 community development corporations (CDCs) and community service organizations across Massachusetts that have adopted community investment plans outlining their strategies and goals for development.
The program will help organizations improve their fundraising and organizational capacity, in support of their efforts to increase economic opportunities for low and moderate income residents. It will also allow donors to receive a 50% tax credit refund on their investment in an eligible organization.
Worcester Community Housing – $ 175,000
Worcester Community Housing has received $ 175,000 in tax credits that will allow it to double every dollar donated to support affordable housing and neighborhood revitalization efforts, according to Jennifer Schanck-Bolwell, executive director of Worcester Community Housing Resources.
“WCHR intends to use the tax credit to cover our expenses during this period, which can range from staff salaries to up-front architectural and engineering costs, legal, etc. Said Schanck-Bolwell. “We have several projects in our pipeline that these flexible funds will help support, including housing for chronically homeless people, free housing programs for a teen parenting program and other projects. “
Main South CDC – $ 150,000
The Main South CDC has received $ 150,000 in tax credits to use as a fundraising mechanism for private philanthropists, foundations, banks and individuals who wish to support their work and donate.
The money is used to support affordable housing development, tenant security, small business grants and more, according to Steve Teasdale, executive director of Main South CDC in Worcester.
Central Massachusetts Southeast Asian Coalition – $ 50,000
The Southeast Asian Coalition of central Massachusetts will use $ 50,000 to acquire a permanent location for SEACMA, as its future in the Denholm building in downtown is uncertain, according to Anh Vu Sawyer, executive director of the SEACMA. Central Massachusetts Southeast Asian Coalition (SEACMA) in Worcester.
“We are very grateful to United Way of Central Massachusetts for their in-kind donation for our space at Denholm which, since 2012, has not only been home to SEACMA, but also home to more than 12,000 refugee and immigrant visits annually. families and young people in Asia, Latin America and the Middle East, “Sawyer said.” However, this donation is not permanent. ”
In addition, SEACMA along with 14 other state organizations received $ 14.7 million in grants that fund both loan and mini-grant programs for small businesses.
“We are more than grateful to the Baker-Polito administration and the Mass Association of Community Development Societies for this tremendous opportunity to help build a vibrant South East Asian community for a vibrant Worcester,” Sawyer added.
Other non-profit organizations
Other Worcester nonprofits that received money also included Worcester Common Ground which received $ 150,000 and Worcester East Side which received $ 100,000.
The South Middlesex Opportunity Council and the Quaboag Valley Community Dev Corporation in Ware both received $ 250,000 in tax credits.
Lt. Gov. Karyn Polito and Housing and Economic Development Secretary Mike Kennealy were joined by community development companies and community service organizations in Revere for the announcement on Tuesday.
“Massachusetts Community Development Corporations have sounded the alarm bells on our housing crisis for many years and are creating affordable, high quality 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, ”Kennealy said.
“The CITC program allows CDCs to increase their fundraising and, in turn, invest more in our communities to improve housing, provide assistance to small businesses and allow neighborhoods to thrive,” he said. he adds.
Since the program began in 2014, the state’s Department of Housing and Community Development has allocated more than $ 42 million in tax credits, generating nearly $ 75 million in new investment for CDCs, according to a press release from the Ministry of Housing and Community.