Housing Nantucket was awarded $200,000 in Community Investment Tax Credits (CITC) to issue to donors through a program sponsored by the Massachusetts Department of Housing and Community Development (DHCD).
The money was allocated by Governor Charlie Baker and Lieutenant Governor Karyn Polito’s administration. Housing Nantucket is one of 51 total Community Development Corporations receiving funds. The total sum handed out was $9.5 million in tax credits.
Housing Nantucket will leverage these tax credits to raise nearly $400,000 from local donors. Baker stressed the importance of providing aid to organizations who look out for a community’s housing needs.
“Our Community Development Corporations are important local partners who understand their neighbors and have long been advocates for affordable housing, small business support, and other community needs,” he said. “We are proud to support CDCs working at the grassroots level in every region to build local coalitions on behalf of our residents and communities.”
Polito congratulated these CDC organizations who have brought the CITC program tremendous success in the form of $95 million collectively raised.
“At the height of the COVID-19 pandemic, CDCs in every region stepped up to help their neighbors with emergency food deliveries, local financial assistance, and more,” she said. “Massachusetts residents are grateful for your continued dedication to increasing access to economic opportunity for all.”
Housing Nantucket’s Executive Director Anne Kuszpa reiterated that these efforts by the organization are making a difference, with 23 rentals under construction and several homeownership opportunities underway.
“The ability to allocate tax credits shines a spotlight on our work and provides an added bonus to our donors,” she said. “We are extremely grateful to the Baker-Polito administration for bestowing us with this privilege.”
Housing Nantucket uses CITC donations to implement its Community Investment Plan (CIP), which focuses on creating scattered-site rental and homeownership solutions for year-round members of Nantucket’s workforce.
As a CDC, the organization prioritizes constituency involvement within its board of directors, many of whom have first-hand experience with the organization’s programs. This year’s fundraising priorities include land acquisition for new development, recycling donated dwellings for affordable housing purposes, and installing photovoltaic panels at low-income rental homes.