BOSTON – Local state representatives are touting their roles in the House’s recently passed comprehensive housing bond bill, which would provide $1.7 billion for the rehabilitation and modernization of public housing units across the commonwealth.
Representative Will Crocker joined his colleagues from the Cape in hailing the bill, which would also allocate funds for the promotion of affordable housing, encouraging more residents to take advantage of opportunities available.
The measure sailed through the House by a vote of 150 to 1.
“There is a critical need for affordable housing in Massachusetts,” said Crocker.
Provincetown State Representative Sarah Peake attached an amendment to the measure to increase the cap for the Community Investment Tax Credit Program, a critical fundraising tool used by community development corporations across the Commonwealth.
Jay Coburn, CEO of the Community Development Partnership, said that through the CITC program, his organization has increased its donor base and overall contributions.
“In 2017, the Community Investment Tax Credit enabled the CDP to raise over $340,000 from individuals and businesses to support our efforts in affordable housing and nurturing entrepreneurs,” said Coburn.
“We are grateful for Rep. Peake’s leadership in expanding the CITC and helping us to leverage greater private sector support for the work we do creating opportunities for people to live, work and thrive on the Lower Cape.”
The total value of the tax credits authorized by Peake’s amendment calls for an increase from the current $6 million to $8 million in each of taxable years 2019 and 2020, $10 million in each of taxable years 2021 and 2022, and $12 million in each of taxable years 2023 to 2025, inclusive.
“I was proud to be able to carry this amendment for MACDC because I know how important it is for our Cape Cod organizations” said Peake,
“The ability to offer a tax credit to donors has made it possible to leverage private money for housing and economic development projects.”
Peake’s amendment was one of only 4 amendments adopted during debate on Wednesday. Fifty-five amendments were filed by House members.
The housing bond bill now moves to the State Senate for further action.
By DAVID BEATTY, CapeCod.com NewsCenter
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