A number of area organizations were formally awarded Community Investment Tax Credits last week to help leverage their own money aimed at expanding programming for low- and moderate-income residents.
Those receiving tax credits for use throughout the area include Act Lawrence, $50,000; Groundwork Lawrence, $200,000; Lawrence Community Works, $250,000; and Mill Cities Community Investments, $200,000. The credits enable the groups to raise more from local donors for small business support, community development, art and placemaking initiatives, affordable housing preservation and development, youth programming and more.
Mill Cities Community Investments, for example, is a collaborator in The Haverhill Partnership Venture Fund along with Align Credit Union, Enterprise Bank, Haverhill Bank and Pentucket Bank. Each of the banks seeded the fund with $125,000 in capital for a total of $500,000 to be made available to qualifying 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,” said Gov. Charlie Baker.
State Housing and Economic Development Secretary Mike Kennealy added, the program enables community development corporations to “continue and expand their important role supporting our residents and local economies by championing small business support, housing, emergency assistance and more.”