MACDC announces Eastern Bank to award $300k in grants for third year through Community Investment Tax Credit Program

Boston, MA – The Massachusetts Association of Community Development Corporations (MACDC) has announced that Eastern Bank will award $300,000 in grants for the third consecutive year to Community Development Corporations (CDCs) in Massachusetts participating in the Community Investment Tax Credit (CITC) program.  The announcement was made at the 9th annual Mel King Institute for Community Building Celebration held on June 21 at the Benjamin Franklin Institute in Boston.

“Eastern Bank’s consistent support of CDCs in Massachusetts is incredible,” noted Joseph Kriesberg, MACDC’s President.  “This is an ideal example of how the Community Investment Tax Credit should work with a local business supporting programs that benefit residents in the communities in which they work.”

In 2017, Certified CDCs in Massachusetts, which include all organizations participating in the CITC program, accomplished the following:

  • Homes Built or Preserved:  1,990
  • Job Opportunities Created or Preserved:  5,086
  • Entrepreneurs Provided Technical Assistance: 858
  • Families Served with Housing, Jobs, or Other Services:  79,218
  • Investment in Local Communities:  $803.8 million

“Eastern Bank’s continued involvement in the CITC program is very much aligned to our purpose of doing good things to help people prosper,” commented Pamela Feingold, Senior Vice President and Director of Community Development Lending at Eastern Bank.  “CDCs do so much more than develop affordable housing, by also providing housing counseling services, support to small businesses, and more.  At Eastern, we are committed to helping accelerate growth and opportunity in our neighborhoods and communities.  Our support of CDCs is helping to do just that.”

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.