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 Privates 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