A number of area organizations officially received community investment tax credits last week to help leverage their own money aimed at expanding programs for low- and middle-income residents.
Those receiving tax credits to use across the region include Act Lawrence, $50,000; Lawrence Preparatory Works, $200,000; Lawrence Community Works, $250,000; and Mill Cities Community Investments, $200,000. Credits allow groups to raise more from local donors for small business support, community development, arts and place-making initiatives, affordable housing preservation and development, youth programming and more.
Mill Cities Community Investments, for example, is a Haverhill Partnership Venture Fund collaborator with Align Credit Union, Enterprise Bank, Haverhill Bank and Pentucket Bank. Each of the banks endowed the fund with a capital of $125,000 for a total of $500,000 to be made available to eligible companies.
“Our Community Development Corporations are important local partners who understand their neighbors and have a long history of advocating for affordable housing, support for small businesses and other community needs,” Governor Charlie Baker said.
Secretary of State for Housing and Economic Development Mike Kennealy added that the program allows Community Development Corporations to “continue and expand their important role in supporting our residents and local economies by championing support for small businesses, housing, emergency aid and more”.