MACDC Announces Eastern Bank to Award $250,000 in Grants for CDCs Through the Community Investment Tax Credit Program

 

The Massachusetts Association of Community Development Corporations (MACDC) has announced that Eastern Bank has renewed its commitment to the Community Investment Tax Credit (CITC) program by pledging $250,000 in grants to participating Massachusetts Community Development Corporations (CDCs). The announcement was made by Quincy Miller, Vice Chair and President of Eastern Bank, at the 10th Anniversary Celebration of the Mel King Institute on June 25th at the Boston Park Plaza. Eastern Bank was the Presenting Sponsor of the event. This is the fourth consecutive year the Eastern Bank Charitable Foundation is awarding grant funding to the CITC program. Since the inception of Eastern Bank’s participation in the program in 2016, the bank will have contributed more than $1 million in grants to organizations participating in the CITC program.

In 2018, Certified CDCs in Massachusetts, which include all organizations participating in the CITC program, accomplished the following:

  • Homes Built or Preserved: 1,535
  • Job Opportunities Created or Preserved: 4,305
  • Entrepreneurs Provided Technical Assistance: 1,369
  • Families Supported with Housing, Jobs or Other Services: 84,224
  • Community Leaders Engaged: 1,910
  • Investment in Local Communities: $801.5 million.

“Affordable housing and community development create pathways to prosperity, and Eastern Bank is committed to standing alongside the leaders and organizations advocating for these issues,” said Miller. “Thank you to the CDCs who are doing incredible work in Boston and across the Commonwealth in creating new opportunities for all, and congratulations to the Mel King Institute on celebrating 10 years of leading our neighborhoods in community building.”

The CITC program provides a 50% refundable state tax credit for donations of $1,000 or more to participating CDCs.  Because the donation is refundable, organizations, such as foundations and donor advised funds, can support CDCs across Massachusetts through the program as well as individuals and businesses. CDCs can apply for an Eastern Bank grant at www.easternbank.com/foundation.