November 20, 2017
 
Mass. CDCs Received $110K from Boston Private Bank

June 1, 2015 — Boston Private Bank & Trust Company recently announced that it donated $110,000 to 16 Massachusetts nonprofit community development corporations last year, doubling its grant support from the year before.

The increase in giving to community development corporations (CDCs) was due in part to Boston Private’s participation in the Community Investment Tax Credit (CITC) program. The CITC is a new state tax credit program designed to increase private investment to improve economic opportunities for low- and moderate-income households, and support community development across Massachusetts.

“This accomplishment further highlights our longtime commitment to community investment,” said Esther Schlorholtz, director of community investment, Boston Private Bank & Trust Company.

Receiving an average of about $7,000 each were the following, followed ty their target service area or community:
  • Allston Brighton Community Development Corporation – Allston, Boston
  • Asian Community Development Corporation – Chinatown, Boston
  • Codman Square Neighborhood Development Corporation – Dorchester, Boston
  • Dorchester Bay Economic Development Corporation – Dorchester, Boston
  • Fenway Community Development Corporation – The Fenway, Boston
  • Jamaica Plain Neighborhood Development Corporation – Jamaica Plain, Boston
  • Massachusetts Association of Community Development Corporations – Boston
  • Madison Park Development Corporation – Roxbury, Boston
  • Neighborhood of Affordable Housing (NOAH) – East Boston
  • North Shore Community Development Coalition – Salem
  • Nuestra Comunidad Development Corporation – Roxbury, Boston
  • South Boston Neighborhood Development Corporation – South Boston
  • Southwest Boston Community Development Corporation – Hyde Park, Boston
  • The Neighborhood Developers – Chelsea
  • Viet-AID – Dorchester, Boston
  • Urban Edge Housing Corporation – Roxbury, Boston
A CDC is a nonprofit that provides services and engages in activities to promote and support community development, and are usually focused on a specific neighborhood or town.

CITC, signed into law in 2012 as part of a larger economic development bill, is intended to support high-impact, community-led economic development initiatives through a market-based approach that incorporates private contributions and builds local partnerships.

For more about the CITC program, click here.

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