The Island Housing Trust is thrilled to have been awarded $110,000 in state Community Investment Tax Credits. Governor Patrick and the Commonwealth’s Department of Housing and Community Development recently announced the award of $3 million in tax credits to 38 community development nonprofits in Massachusetts.
The Community Investment Tax Credit will provide a 50% refundable state tax credit and a federal tax deduction to donors who invest in the Island Housing Trust, through this allocation of tax credits. As a result of these tax credit investments, a total of $220,000 will be available this year to the Island Housing Trust to help implement its Community Investment Plan. The Island Housing Trust may also qualify for future allocations of tax credits.
The three-year Plan developed by the Island Housing Trust is centered around the following goals: 1) Increase public awareness and support for affordable housing efforts and initiatives island-wide; 2) Increase the number of affordable homes from 60 to 100; and 3) Ensure the on-going stewardship of all its current and future homes.
“The Community Investment Tax Credit will leverage private dollars so that we can undertake high-impact, affordable housing development, both ownership and rental, for low and moderate income island residents” said Richard Leonard, President of the Island Housing Trust. “What is particularly exciting about this program is the way it brings together state resources, with the island’s business community, individual donors, and local governments to forge creative, bottom-up solutions that yield real results. This program will help to ensure that our island community, and working families and individuals have a better opportunity to fully participate in our local economy. We are grateful for the support of many Islanders who helped to formulate this Plan, and look forward to collaborating on its implementation.”
If you are interested in making a donation of $1,000 or more to the Island Housing Trust and realizing a 50% Massachusetts tax credit and a federal tax deduction, please contact Philippe Jordi, Executive Director at 508-693-1117 and complete this Tax Credit Form and mail it to the Island Housing Trust along with your donation. State Department of Revenue regulation (830 CMR 62.6M.1) explains the calculation of the community investment tax credit for qualified investments to the Island Housing Trust.