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BOSTON – Senators John F. Kerry, ranking member of the Committee on Small Business and Entrepreneurship, and Edward M. Kennedy today extended their congratulations to four Massachusetts organizations receiving $210 million in economic development tax credits to increase investment in low-income, high-unemployment communities.
“These tax credits are important tools for economic development organizations to attract investors to areas that have been left behind,” Senator Kerry said. “By dedicating themselves to revitalizing low-income neighborhoods, these organizations will give the communities a much-needed boost. With this investment comes new opportunities for low-income areas, and, in turn, economic growth, new jobs and a stronger economy for all.”
“The $210 million in New Markets Tax Credits that the Commonwealth received today will attract investment in our most economically distressed communities. These tax credits are valuable tools that help to create community assets and transform communities,” said Senator Kennedy. “I know that these organizations will make these tax credits go far to create and attract new small business and to make housing more affordable to Massachusetts residents.”
The New Markets Tax Credits (NMTCs) program gives investors tax credits for investing money in Community Development Entities (CDEs), which then use the funds to invest in low-income communities. New Markets are defined as underserved low- and moderate-income inner cities and rural areas.
The Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund awarded 63 organizations around the country a total of $4.1 billion in credits. The organizations receiving awards are: Massachusetts Housing Investment Corporation of Boston, receiving $90 million; Boston Community Capital, Inc. of Boston receiving $60 million; Rockland Trust Community Development Corporation II of Rockland receiving $45 million; and Capital Link, Inc. of Boston receiving $15 million.
Senator Kerry has a strong history of supporting New Markets initiatives, a comprehensive economic development package created during the Clinton Administration. In 1999, working with then-President Clinton, Kerry took the lead in the Senate and authored a bill to create the SBA’s New Markets Venture Capital and BusinessLINC initiatives. Both of these initiatives became law in 2000. Since that time, Kerry has worked to reverse repeated attempts by the Bush Administration to eliminate this important assistance to low-income areas.
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