For the fourth year in a row, the Baker-Polito administration awarded the Island Housing Trust a community investment tax credit last Tuesday, according to a press release from the state Executive Office of Housing and Economic Development.
This year, the award for the trust totaled $150,000 out of the $5.9 million awarded to 46 community development corporations focused on improving economic opportunities for low- and moderate-income households and communities.
Philippe Jordi, executive director of the trust, said the award was great for the trust. “It’s really allowed us to build the capacity to provide more opportunities for the community in terms of buying or building to create more ownership in rental or owner housing,” Jordi told the Times.
Jordi gave the the state-backed incentive a lot of credit: “Without this incentive from the state, we clearly would not be doing as much as we’re doing now. It’s been pivotal.”
The tax credit program provides a 50 percent tax credit to individuals and businesses who make a cash-only donation of $1,000 or more. The donations support affordable, sustainable housing for the year-round Island community.
“It’s been great; our donors get half of their donation back in the form of a tax credit,” Jordi said.