What Is CITC?
The Community Investment Tax Credit (CITC) was signed into law by Governor Deval Patrick on August 6, 2012 as part of a larger economic development bill. It is designed to support high-impact community-led economic development initiatives through a strategic, market-based approach that leverages private contributions and builds strong local partnerships.
The purpose of CITC program is to enable local residents and stakeholders to work with and through community development corporations to partner with non-profit, public and private entities to improve economic opportunities for low- and moderate-income households and other residents in urban, rural and suburban communities across the Commonwealth. State-certified CDCs developed high quality, multi-year business plans detailing how they would improve their community and leverage federal and private resources for neighborhood-based economy development. On March 4, 2014 the Massachusetts Department of Housing and Community Development (DHCD), led by Undersecretary Aaron Gornstein announced the first awards for the Community Investment Tax Credit Program (CITC) to 36 CDCs across the state.
DHCD awarded Fenway CDC $80,000 in community investment tax credits for 2014 and $150,000 tax credits for each of 2015 and 2016 in recognition of our winning community investment plan and high impact of our work.
Who Can Participate?
Businesses, for-profit corporations, individuals, non-profits, and foundations can all participate. Out of state donors can also participate.
Benefits for Fenway CDC
Using the tax credits, Fenway CDC will be able to leverage $300,000 from donors, thereby providing working capital to achieve maximum community impact.