The U.S. Treasury Department’s Community Development Financial Institutions Fund on Friday awarded a total of $138 million to three Massachusetts organizations for community projects in low-income areas.
The funds were part of more than $3.5 billion in funds given to 87 organizations across the country under the calendar year 2013 round of the New Markets Tax Credit Program to revitalize low-income communities and increase economic opportunities. The organizations receiving awards were selected from a pool of 310 applicants.
The Massachusetts Housing Investment Corp. (MHIC) received $60 million, Boston Community Capital received $40 million and AI Wainwright was given $38 million. MHIC received the largest amount awarded to any organization – 10 others received that amount – and was one of only two non-national organizations to receive that large of an award.
"The New Markets Tax Credit Program creates jobs and critical investments in low-income neighborhoods and rural communities across the nation," Amias Gerety, acting assistant secretary for financial institutions, said in a statement. "Often the New Markets Tax Credit is the most critical piece of the puzzle when trying to finance important economic development projects across the country. Its ability to attract private-sector capital into some of the most economically distressed and underserved communities is a hallmark of this important economic development program."
