Gomez announces awards for Housing, Economic and Community Development in Springfield
State Senator Adam Gómez (D-Springfield) joined the Healey-Driscoll Administration to announce $875,000 in Community Investment Tax Credits (CITC) awards to 4 Community Development Corporations (CDCs) and Service Organizations (CSO) in Springfield. The Affordable Homes Act, signed into law by Governor Healey last summer, increased the CITC from $12 million to $15 million and created a permanent funding source for the CITC program.
Since its inception in 2012, the CITC program has been an integral source of funding for CDCs and CSOs to support programming that includes affordable housing development and preservation, community planning and economic development initiatives, homeownership assistance, financial education, foreclosure prevention and savings programs, and job training and job creation programs.
"With the Healey-Driscoll administration leading the way on the issues closest to home for Massachusetts residents and the state legislature operating in lockstep, CDC’s and CSO’s are positioned to enhance their critical programming”, said Senator Gomez. “In the Hampden district and across the Commonwealth, these community organizations are being stripped of the tools they need to best serve low-and-moderate income families. This expansive funding reflects our state’s common-sense approach to policy solutions.”
The CITC Program offers a 50% refundable state tax credit that provides an incentive for donors to contribute funds to CDCs and CSOs. The program enables residents and stakeholders to work with CDCs and partner with nonprofit, 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 state. CDCs accomplish this through adoption of Community Investment Plans (CIP) to undertake community development programs, policies and activities.
A list of Springfield awardees is below:
Home City Development $100,000
Revitalize CDC $150,000
Way Finders $375,000
Wellspring Cooperative $250,000