The Island Housing Trust has been awarded $110,000 in state Community Investment Tax Credits by Commonwealth’s Department of Housing and Community Development. The award was part of $3 million in tax credits awarded to 38 community development nonprofits throughout Massachusetts.
“The Community Investment Tax Credits will provide a 50 percent refundable state tax credit and a federal tax deduction to donors who invest in the Island Housing Trust,” trust director Phillippe Jordi said in a press release on March 6. “As a result of these tax credit investments, a total of $220,000 will be available this year to the Island Housing Trust to help implement its Community Investment Plan.”
The three-year, three-part plan aims to increase public awareness and support for affordable housing efforts Island-wide, increase the number of affordable houses from 60 to 100, and ensure the ongoing stewardship of all its current and future homes.
Mr. Jordi said he expects the tax credits to help continue the Island Housing Trust’s steady growth.
“We’re trying to scale our production and capacity to provide housing for everyone on the Island who needs it,” Mr. Jordi said. “For the past three years, we’ve been able to double each year, and we hope to continue that growth.”