Eastern Bank Renews $300k Community Investment Tax Credit Donation for 2nd Year
Boston, MA - Eastern Bank has announced that it will award $300,000 in grants for the second year in a row to Community Development Corporations (CDCs) across Massachusetts participating in the Community Investment Tax Credit (CITC) program.
“Eastern Bank continues to be an incredible supporter of CDCs in Massachusetts,” commented Joseph Kriesberg, MACDC’s President. “CDCs will use this support to expand economic opportunity in local communities across Massachusetts.”
Organizations involved in the CITC program have deepened their community engagement, expanded their programming, and increased their impact. In 2016, these organizations engaged nearly 2,000 community leaders to achieve the following results:
- Homes Built or Preserved: 1,195
- Job Opportunities Created or Preserved: 3,903
- Small Business Assistance Provided: 717
- Families Served with Housing, Jobs, or Other Services: 70,840
- Invested in Local Communities: $489.6 million
“Eastern Bank is thrilled to continue supporting CDCs through the Community Investment Tax Credit program,” remarked Gary Leach, Eastern Bank Senior Vice President, Community Development Lending Group Head. “Eastern Bank is committed to supporting organizations working within low- and moderate-income communities. The CITC increases the impact of support and helps ensure the long-term revitalization neighborhoods and town in Massachusetts.”
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, can support CDCs across Massachusetts through the program as well as individuals and businesses.