State Sen. Adam Gomez
Reminder Publishing submitted photo
SPRINGFIELD — Four community development corporations and service organizations in Springfield secured a total of $875,000 in Community Investment Tax Credit awards for housing, economic and community development in the city.
State Sen. Adam Gomez (D-Springfield) announced that Way Finders, Revitalize CDC, Wellspring Cooperative and Home City Development received tax credit awards for their various initiatives.
“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,” Gomez said in a statement. “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 organizations were four of 54 to receive tax credits across the commonwealth, according to the state’s website. The Affordable Homes Act, signed into law by Gov. Maura Healey last summer, increased the CITC from $12 million to $15 million and created a permanent funding source for the program.
According to Gomez’s office, the tax credits can be used for affordable housing development and preservation, community planning and economic development initiatives, homeownership assistance, financial education, foreclosure prevention, savings programs, job training and job creation programs.
The CITC initiative also 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.
Reminder Publishing reached out to Way Finders and Wellspring for comment on the credits, but did not hear back as of press time. The former received $375,000 and the latter secured $250,000. Additionally, Revitalize CDC was awarded $150,000 and Home City Development received $100,000, according to the state.
“Community Development Corporations are on the front lines of solving our housing and economic challenges, and this investment ensures they have the tools to keep doing that critical work,” Healey said. “This funding will be used by trusted community organizations to support housing development, help more families buy and stay in their homes and create new jobs.”
