You can now read 5 articles in a month for free on Read as much as you want anywhere and anytime for just 99¢.

Groups gets $130m in tax credits

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.

Continue reading below

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.

Loading comments...
Want each day's news headlines delivered fresh to your
inbox every morning? Just connect with us
in one of the following ways:
Please enter a valid email will never post anything without asking.
Privacy Policy
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of