State Officials Announce New CDC Funding, Explore Program Expansion
CHESTERFIELD, Mass. - State leaders gathered in Chesterfield on Thursday to unveil $12 million in grant funding for Community Development Corporations (CDCs) across Massachusetts and discuss potential enhancements to the funding model.
Lt. Governor Kim Driscoll, Housing Secretary Ed Augustus, and representatives from the Massachusetts CDC convened to announce the latest round of the Community Investment Tax Credit Program. The program matches private donations to CDCs with a state tax credit, effectively doubling the contribution.
"It's really meaningful because it provides flexible resources for CDCs which are doing so much from housing to dealing with food security, and child care," Driscoll said.
The Hilltown CDC exemplifies the diverse operations supported by the program, offering food delivery, transportation, housing development, elder, and child care, and business empowerment initiatives.
Given the proven track record of CDCs in fostering community development from urban Boston to rural hill towns, legislators are considering expanding the tax credit program. The upcoming housing bond bill could make the program permanent and increase total funding from $12 million to $15 million annually.
"This tax credit is a real tool for organizations like CDCs that adapt to the unique circumstances of the communities they serve," Augustus stated.
