A Unique Opportunity to Help Metro West Collaborative Development
5,298 units are needed! Metro West CD has launched an effort to help the 23 towns in its target area to build and keep 10% of their housing stock affordable to low and moderate income households.
Here’s how you can help! Metro West CD won an allocation of Community Investment Tax Credits (CITC) for 2015. Individuals, corporations, and nonprofit organizations can invest in these credits and receive a state tax credit as well as a federal tax deduction. Our goal is to raise $150,000 by December and can then provide 50 cents on the dollar back to donors using the Community Investment Tax Credits. That’s 50% back to you and 100% to help build affordable housing!
Getting to 10% affordability in Metro West is no small undertaking, and we need your help to get there!
We all know someone who will benefit from more affordable housing in the Metro West area: aging parents, teachers in the local school system, our hairdresser, our friend, our kids who want to continue living in the community they grew up in.
Each $1,000 you invest in creating affordable housing with Metro West CD provides you with a $500 tax credit from the Commonwealth of Massachusetts as well as the standard federal tax deduction.
- Donation to Metro West CD – $1,000
- Community Investment Tax Credit – ($500)
- Federal tax deduction (at 35% tax bracket) – ($175)
- Final out-of-pocket contribution – $325
Donations are used to staff our renter assistance programs, project pre-development analyses and public education and advocacy campaigns.
Call Jennifer at 617-923-3505 ext 4 or by email to find out how to invest in affordable housing in Metro West with Metro West CD!
Other documents available about the Community Investment Tax Credit:
- CITC Frequently Asked Questions
- Metro West CD’s CITC Pledge Form
- A Flow Chart: CITC Certificate Process
- CITC in the news: CITC Article by Fed Reserve Bank of Boston
- The Community Investment Plan: Metro West CD CIP Executive Summary 2016
More information is also available at the Mass. Association of CDCs or at the Department of Housing and Community Development website.