| Four Massachusetts community development organizations will receive $185 million in the latest round of new markets tax credits awarded by the U.S. Department of the Treasury.
Massachusetts Housing Investment Corp. (MHIC) received $65 million, the largest allocation award in Massachusetts and one of the largest in the country. Credits were also awarded to The Community Builders for $50 million, Community Health Center Capital Fund for $40 million and the Housing Partnership Network for $30 million.
“The New Market Tax Credit program has proven to be very effective way of channeling private capital into distressed areas throughout New England and across the country,” Joe Flatley, MHIC president, said in a statement. “The success of this program is testimony to the power of public-private partnerships.”
Massachusetts received $240 million in the previous year’s round.
The awards are among $3.5 billion awarded nationally to 73 organizations from a pool of 230 applicants that sought $16.2 billion. This year’s awards will result in approximately $685 million in investments in non-metro areas and low-income communities, according to the Treasury.
Past awards have helped finance Boston’s Bruce Bolling Municipal Building, Worcester’s Hanover Theatre for the Performing Arts and the East Boston Neighborhood Health Center.
