SALEM — The Baker Administration announced Sunday that it will allocate a quarter of a million dollars in Community Investment Tax Credits to the North Shore Community Development Coalition.
North Shore CDC’s tax credit funding will be part of the state’s $95 million tax incentive for Community Development Corporations and Community Service Organizations.Since 2014, the Community Investment Tax Credit has helped organizations raise more than $90 Million
Lieutenant Governor Karyn Polito and Housing and Community Development Undersecretary Jennifer Maddox joined Mayor Kim Driscoll, Senator Joan Lovely, Representative Paul Tucker, and the North Shore Community Development Corporation in Salem Saturday to announce the tax program. In a statement, Baker said that by funding Community Development Corporations, the state is able to invest in affordable housing and small businesses
“Our Community Development Corporations are important local partners who understand their neighbors and have long been advocates for affordable housing, small business support, and other community needs,” Baker said. “We are proud to support CDCs working at the grassroots level in every region to build local coalitions on behalf of our residents and communities.”
Polito, in a statement, congratulated local CDC programs. She said that they played a large role in emergency support during the COVID-19 pandemic.
“Congratulations to our CDC partners who have made the CITC program incredibly successful, collectively raising nearly $95 million,” Polito said. “At the height of the COVID-19 pandemic, CDCs in every region stepped up to help their neighbors with emergency food deliveries, local financial assistance, and more. Massachusetts residents are grateful for your continued dedication to increasing access to economic opportunity for all.”
Driscoll said that the state’s CITCs program is “a critical tool” for lower-income neighborhoods. In a statement, Driscoll said that the Point neighborhood in Salem will benefit from these tax credits.
“Community Investment Tax Credits are a critical tool for expanding economic opportunity and growth, particularly in our lower income neighborhoods and communities,” Driscoll said. “The $250,000 credits awarded to the North Shore CDC will enable the organization to continue and grow its efforts to make Salem, and the Point neighborhood in particular, more vibrant and more livable. I’m grateful to the Baker-Polito administration and our legislature for making this important program possible.”
