Eastern Bank Announces $300K Community Investment Tax Credit Donation
Boston, MA - Thanks to the Community Investment Tax Credit (CITC), Eastern Bank is awarding $300,000 in grants to Community Development Corporations (CDCs) across Massachusetts participating in the program. This donation is the largest to the field in the bank's history and builds upon a long legacy of supporting CDCs in Massachusetts.
"Eastern Bank's donation to our field is significant," noted Joseph Kriesberg, MACDC's President. "Thanks to this support, CDCs will improve neighborhoods and communities as more homes will be built, more jobs will be secured and more families will be stabilized."
Thanks to the CITC program, CDCs are hiring new staff and increasing their capacity overall to develop new affordable housing, provide loans and technical support to entrepreneurs and businesses, and support thousands of individuals and families each year.
"Supporting CDCs across Massachusetts is very important to Eastern Bank. Thanks to the Commonwealth's Community Investment Tax Credit program, we are more than doubling our support to the field this year," commented Gary Leach. "We encourage businesses, financial institutions and individuals to learn more about this program and get involved. CDCs are doing incredible work here in Boston and across Massachusetts. Supporting these organizations is critical to strengthening our most vulnerable communities."
The CITC program provides a 50% refundable state tax credit for donations between $1,000 and $2 million. Because the donation is refundable, organizations, such as foundations and donor advised funds, also are able to support CDCs across Massachusetts through the program as well as individuals and businesses.