Wednesday, January 24 was a big day at the State House for MACDC and its members, with all three of our top policy priorities taking major strides forward.
Governor Charlie Baker submitted his FY 2019 budget to the legislature and proposed fully funding the Small Business Technical Assistance program at $2 million. This would restore the program to its prior funding level and help thousands of entrepreneurs across the state. The Governor’s budget proposal now goes to the House and Senate.
The House of Representatives passed a $1.7 billion affordable housing bond bill that fully authorizes all of the key capital budget housing programs that CDCs and others use to build and preserve affordable housing. The bill now moves to the Senate.
The Housing Bond Bill also included language to extend and expand the Community Investment Tax Credit, pushing the program sunset to 2025 and lifting the statewide cap from $6 million to $8 million in 2019 & 2020, to $10 million in 2020 & 2021 and to $12 million from 2023 to 2025. The cap for individual CDCs will rise proportionately. The language is consistent with the bill that Sen. DiDomenico, Sen. Forry and Rep. Kulik filed on which MACDC testified last year.
Each of these priorities now advance to the next stage of the legislative process and MACDC will continue to push them forward.