DHCD Announces $750,000 in Community Investment Tax Credit Grant Awards - June 25, 2013

On June 25, the Department of Housing and Community Development announced the award of $750,000 in Community Investment Tax Credit (CITC) grants to 28 community organizations across the state.  Twenty Seven (27) community development corporations (CDCs) received awards of $25,000 each and the Massachusetts Association of Community Development Corporations (MACDC) received an award of $75,000.  The grants will support the development or refinement of community investment plans for community development.  The CDCs with strongest plans will be eligible to receive state Community Investment Tax Credits  (up to $150,000 per year for 3 years) to attract private investment starting in 2014.  The cost of the credits is capped at $3 million in 2014 and $6 million from 2015 through 2019 (it sunsets in December 2019), and at least 20% must go to Gateway Cities and at least 20% to rural areas.  Additional information on the program can be found on MACDC's website and program regulations are posted on DHCD's website.