July 21, 2023
The Brookline Community Development Corporation (BCDC) has been awarded $100,000 in Community Investment Tax Credits by the Commonwealth of Massachusetts, Executive Office of Housing and Livable Communities (EOHLC). “ We are delighted to have this vote of confidence from the Commonwealth’s community development agency,” said BCDC board president, Deborah Brown. This is the first year that BCDC has sought and been awarded Community Investment Tax Credits.
This award will support the implementation of the Brookline Community Development Corporation’s Community Investment Plan developed in response to the needs and priorities of Brookline’s low and moderate-income residents.
The Brookline Community Development Corporation’s (formerly the Brookline Improvement Coalition) community investment plan has six goals which include supporting the financial empowerment of Brookline’s low and moderate-income residents, expanding the supply of affordable housing, strengthening the safety net for Brookline residents, rehabilitating and decarbonizing the existing affordable housing developed by the Brookline CDC and building the capacity of BCDC.
BCDC has recently embarked on an ambitious effort to decarbonize two properties with support from the Town of Brookline and the Mass. Clean Energy Center, is working with the Brookline Community Foundation, and the Brookline Housing Authority to strengthen the safety net for the community’s low and moderate-income residents. It is also actively pursuing partnerships for new opportunities to develop affordable housing for families in Brookline.
The Community Investment Tax Credits were created by the legislature in 2012 to increase support for community development. It offers a 50% tax credit on Massachusetts taxes for businesses and individuals who make a qualifying contribution to community development. Since the program was first implemented in 2014, the Community Investment Tax Credits have generated more than $98 million in investments in community development corporations across Massachusetts.
“The Community Investment Tax Credit offers an additional incentive for Brookline residents and local businesses to invest in our vision of a more inclusive community with expanded opportunities,” concluded BCDC’s Deborah Brown. The $100,000 award of credits will incentivize $200,000 in support for the Brookline Community Development Corporation.