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.