YOU ARE INVITED!
Springfield Neighborhood Housing Services to receive a portion of $3 Million in Community Investment Tax Credits to 38 Community Organizations.
Expanding the Patrick Administration’s commitment to encourage new economic opportunities for low- and middle-income households throughout Massachusetts, Department of Housing and Community Development Undersecretary Aaron Gornstein recently announced $3 million in Community Investment Tax Credits to 38 community organizations across the Commonwealth. Springfield Neighborhood Housing Services has received $60,000 of these credits. The receipt of these Tax Credits will allow Springfield Neighborhood Housing Services to Solicit Additional Support for the Organization.
The awarded tax credits will be distributed by Springfield Neighborhood Housing Services in addition to 35 Community Development Corporations and two Community Support Organizations, to investors, in exchange for donations to their organization. The tax credits are provided to increase the capacity of these community-based organizations so they can boost housing and economic activity in their communities.
“This unique public-private partnership is expected to help spur economic activity and innovative projects in cities and towns across the Commonwealth. By partnering with local Community Development Corporations and private investors, Springfield Neighborhood Housing Services will have an opportunity for low and moderate income families in Massachusetts and will help to revitalize our community at the same time.
The Community Investment Grant Program is designed to enable local residents and stakeholders to work with and through community development corporations to partner with nonprofit, public and private entities to improve economic opportunities for low and moderate income households and other residents in urban, rural, and suburban communities across the Commonwealth. Springfield Neighborhood Housing Services and other Community Development Corporations do this through the adoption of community investment plans to undertake community development programs, policies, and activities.
The Department of Housing and Community Development is the administering agency for CITC and is responsible for managing the process by which the credits are allocated to eligible CDCs. The program was created in 2012 through the Jobs Bill signed by Governor Patrick in August 2012, and is available to CDCs through 2019.
Since 2009, the Patrick Administration worked with the Legislature and Congress to direct over $700 million in federal and state tax credits and state housing program subsidies to projects that improve the state’s affordable housing, create jobs and build stronger communities. These investments have generated more than 14,000 jobs and 10,000 homes.
Springfield Neighborhood Housing Services begins our 35 year celebration.
Springfield Neighborhood Housing Services ushered in our 35th year of service to the Community with a Flag Raising on the steps of City Hall on Monday November 4, 2013 at 10am, followed by a reception in Room 220 of City Hall. This event was free and open to the public. Springfield Neighborhood Housing Services (SNHS) provides a full array of mortgage products to potential homebuyers located anywhere within the Commonwealth. Established in 1978, SNHS is a 501(c)(3) non-profit corporation that transforms families and revitalizes communities through homeownership development, recycling of blighted properties and resident empowerment. This is done successfully through the following: Full-Cycle Lending services provided to families in the city and region: Credit counseling and home ownership education for potential buyers; Technical assistance to borrowers from loan intake to closing; Flexible financing products that Include property rehabilitation; Technical assistance with property inspections and rehabilitation services; and post-purchase services that include foreclosure intervention which provide critical guidance and relief to struggling homeowners facing loss of their home. Loan products include those for purchase, refinance and/or rehabilitation. SNHS has stabilized and stimulated development within Springfield through homeownership development, recycling of properties, and resident empowerment. At SNHS, we work to transform distressed neighborhoods by helping to create sustainable home ownership opportunities for families. Springfield NHS has helped hundreds of families achieve their dreams of sustainable homeownership. Wherever a family may be along the continuum of homeownership, Springfield NHS has products and services that add value.
More information on Springfield Neighborhood Housing Services is available at www.springfieldnhs.org or (413) 739-4737.