The Massachusetts Department of Housing and Community Development, led by Undersecretary Aaron Gornstein announced Tuesday the first awards for the Community Investment Tax Credit Program to 36 CDC’s across the state.
North Shore Community Development Coalition received $80,000 in 2014 tax credits that they will use to incentivize $160,000 of donations to support their target communities - Salem’s Point Neighborhood, Beverly’s Gloucester Crossing Neighborhood, and Peabody’s downtown.
"We appreciate the award of Community Investment Tax Credits and are excited to get to work on expanding our capacity and ability to serve the North Shore," CEO of North Shore CDC, Mickey Northcutt, said in a release.
North Shore CDC’s winning community impact plan details how the organization will leverage private resources for neighborhood-based economic development.
Funds will specifically support the expansion of North Shore CDC's youth workforce development program, YouthBuild-North Shore, the development of additional affordable housing, and the expansion of a leadership development program for North Shore residents.
Individual and company donors who invest in North Shore CDC’s community impact plan will benefit from CITC by receiving a credit equal to 50% of their qualified investment. Using the tax credit, North Shore CDC will be able to leverage $160,000 from local donors, thereby providing working capital that can be used to achieve maximum impact in the North Shore communities.
North Shore CDC was one of 36 community development organizations awarded $3,000,000 in tax credits for 2014.
"Congratulations to all the awardees and special thanks to the Massachusetts Association of Community Development Corporation and the Department of Housing and Community Development for their support on the tax credit program - a new program in Massachusetts that supports high-impact community - led economic development initiatives through a strategic, market-based approach that leverages private contributions and builds strong local partnerships," the release read.