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

Around the Region

Mass. to offer revitalization tax credits

To get private investors to participate in community revitalization efforts, Massachusetts will offer them $33 million in tax credits over the next six years, according to the state’s Department of Housing and Community Development.

In a first-time program for Massachusetts, to be unveiled Tuesday, the state will funnel the tax credits primarily through community development corporations that are trying to increase the amount of affordable housing and provide job training for residents in cities and towns.

Continue reading below

In the first year, the state will distribute $3 million in tax credits to 38 organizations, including in Boston, Springfield, and Franklin County and on Cape Cod. The amount will increase to $6 million in subsequent years, said Aaron Gornstein, undersecretary of Housing and Community Development.

For every $2 private investors give to community development organizations, they will be able to write off $1 in state taxes, said Joseph Kriesberg, president of the Massachusetts Association of Community Development Corporations, an advocacy group.

Community development groups have faced cuts in federal funding in recent years, and state tax credits help fill some of those gaps and expand services, Kriesberg said.

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