Lt. Gov Polito Visits Hilltown CDC to Announce 2019 CITC Awards
The Baker-Polito Administration has announced $8 million in tax credit allocations to Community Development Corporations (CDCs) and Community Service Organizations (CSOs) through the state’s Community Investment Tax Credit (CITC) program.
The CITC program provides eligible CDCs and CSOs with a tool to leverage support from stakeholders and local residents to increase fundraising efforts and expand organizational capacity. These organizations partner with nonprofit, public, and private entities to improve economic opportunities for low and moderate-income households and communities. Since 2015, the Baker-Polito Administration has awarded more than $22 million through the CITC program, and during this time, the CITC program has generated more than $34.5 million in private investments across the Commonwealth.
“Community Development Corporations undertake important work in our communities by supporting affordable housing, community development, and critical services for residents,”said Governor Charlie Baker. “We are proud to work with these organizations to ensure all Massachusetts residents have access to affordable housing and safe neighborhoods.”
“The Community Investment Tax Credit Program is a unique tool to encourage private investment,” said Lieutenant Governor Karyn Polito. “From instituting new lead paint programming in Central Massachusetts, to bringing on a full-time community planner in Boston’s Chinatown, our CDCs have leveraged significant funding to bring impactful programming to communities across the Commonwealth.”
Lt. Governor Polito announced the awards at an event at the Hilltown CDC in Chesterfield. Through the CITC program, CDCs have been able to employ more staff, reach communities more effectively, and pursue new programming to the benefit of Massachusetts communities. CDCs help families find homes, connect residents to jobs, grow small businesses, and bring communities together in rural, urban, and suburban areas.
“Hilltown CDC is grateful to host the Lieutenant Governor as she announces the state’s CITC awards to CDC’s.” Says Hilltown CDC Executive Director Dave Christopolis. “CITC has been a successful financial and community organizing tool for our rural region. Access to capital is very limited in rural communities and this is no different in the Hilltowns of Massachusetts. This is due to declining rural populations and decades long urbanization. CITC provides a vehicle for people to invest in rural communities through Hilltown CDC.” Hilltown CDC has used it’s CITC donations to expand work with local farmers and retailers, expand our senior van with a driver pool and offer marketing and organizing support to our local artists and musicians. It has provided capital to build rural senior housing and provide technical assistance to our rural town governments. “Rural communities are struggling to survive,” says Christopolis. “Twenty-first century rural communities need a vision and the capacity to carry out this vision. It requires our government and philanthropy to invest in people and to reimagine the importance of a vibrant rural economy. CITC allows this to happen.”
“It is truly exciting to see what happens when banks, hospitals and individuals work together to make their communities a better place to live,” said Joe Kriesberg, President of the Massachusetts Association of Community Development Corporations. “Today, because of their collective belief and investment in their local community development corporations, millions of Massachusetts residents, regardless of their socio-economic status in life, will see demonstrative improvements to their neighborhoods and share in the benefits of Massachusetts’ success. For those unable to participate in the CITC for this year’s tax filing, be sure to visit the MACDC website to learn about how you can get involved next year.”
The CITC program awarded the maximum $150,000 in credit allocations to the Hilltown CDC. 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 qualified contribution to a CDC earn a 50 percent state tax credit. For more information on the program and how to contribute, contact Finance Director Denise LeDuc at firstname.lastname@example.org or call 413-296-4536 x114.