Island Housing Trust (IHT) is one of 53 community development corporations and community service organizations that received funding through the 2021 Community Investment Tax Credit, according to a release issued by the Baker-Polito administration. These funds will be used by organizations to “enhance their fundraising and organizational capacity, in support of their efforts to increase economic opportunity for low- and moderate-income residents,” according the release.
According to Chris Anderson, IHT director of annual giving, the organization already received its grant reward in the program’s maximum amount of $250,000 in early May. Anderson thinks the state waited until COVID vaccination rates increased and cases decreased before having an in-person ceremony, hence the late announcement.
“This is a program that has been an amazing help to IHT,” Anderson said. He listed the increase in operation capacity, production increase, and staff increases as examples of the benefits IHT received from the program.
As part of the program, donors apply to donate at least $1,000 to IHT or another participating organization. Once donors donate or pledge the money, they earn a rebate check after filing Massachusetts state taxes. Anderson said this “inspires donors” to donate more to the organization of their choice. There was even a donor who pledged an annual donation of $100,000 for a period of three years.
“It’s a popular mechanism for donors,” Breeze Tonnesen, IHT communications and operations director, said.
Anderson said IHT has participated in the program since 2013. IHT has received $1.34 million in credits so far, which yielded $2.68 million in total donations. Anderson said by 2025 the maximum amount IHT can apply for in the program will be $300,000, and he expects the program will be renewed after its expiration date.
“I’m excited to say people should check in with us for future opportunities [to support IHT],” Anderson said.