ROXBURY – Continuing its long history of investing in the Dudley neighborhood, Boston Private Bank & Trust Company recently became the first donor to take advantage of the Dudley Neighbors Inc. Community Investment Tax Credit program.
Boston Private’s $5,000 donation supports the Land Trust in numerous ways, including providing post-purchase support to low-income homeowners.
“This donation represents our commitment to helping Dudley Neighbors Inc. with their vision of revitalizing the whole community,” said Esther Schlorholtz, director of community investment at Boston Private. “We are there to help DSNI and DNI accomplish their goals of preserving affordable housing in the area, and we look forward to continuing to do much more.”
Boston Private and Dudley Neighbors Inc. enjoy a more than 15-year partnership, which began with the bank financing two-thirds of the land originally in the Community Land Trust. Boston Private has also provided construction financing and individual home mortgage lending to numerous families to support the land trust model.
“Boston Private has really shown other banks that this is a good business investment,” said Harry Smith, Director of Dudley Neighbors, Inc. “The CITC is not only a donation, it is an investment in Dudley Neighbors Inc. that allows us to expand the Land Trust, while helping people stay in their homes.”
Dudley Neighbors’ ongoing partnership with Boston Private is exemplified by the newly constructed, beautiful home at 16 North Avenue in the Dudley Triangle, pictured below.
Dudley Neighbors Inc. partnered with the Dudley Economic Empowerment Project, an arm of YouthBuild Boston, Madison Park Vocational Tech High School, and the Boston Carpenters Union on the project, constructing the newest single-family residence on the Land Trust. Boston Private provided financing.
Thanks to this partnership, a family will soon be moving into their brand new home.
ABOUT THE COMMUNITY INVESTMENT TAX CREDIT (CITC)
The CITC, signed into law by Governor Deval Patrick in 2012, is designed to support high-impact, community-led economic development initiatives that leverage private contributions and build strong local partnerships. In 2015, Dudley Neighbors Inc. was awarded $100,000 in tax credits as a means to leverage $200,000 in donations.
CITC provides the donor a 50 percent tax credit against Commonwealth of Massachusetts tax liability. The donor may receive up to 35 percent of the federal tax deduction for the balance of 50 percent of the donation. The minimum investment amount is $1,000.
Learn about making a CITC donation to Dudley Neighbors Inc. today through our website.