Massachusetts groups have received awards worth $130 million in the US Treasury Department’s annual allocation in the New Markets Tax Credit program.
Recipients include the Massachusetts Housing Investment Corp., a private nonprofit investor and lender that got $65 million in tax credits. MassDevelopment, the state’s finance-and-development agency, got $40 million. Community Builders Inc., a Boston nonprofit developer of mixed-income housing, received credits worth $25 million, according to a press release from the Massachusetts Housing Investment Corporation.
The program “addresses one of the most significant obstacles to economic development that low-income communities face: a lack of access to patient, private investment capital,” said the Treasury’s assistant secretary for financial institutions, Cyrus Amir-Mokri. He credited the program with “preserving jobs and bringing community facilities and new businesses into neighborhoods that desperately needed them.”
The Massachusetts Housing Investment Corporation’s president, Joe Flatley, said “we can continue to build on the expertise we have developed using New Markets Tax Credit financing for projects that create jobs.”
Nationwide, 85 groups got credits worth $3.5 billion.