Housing Nantucket Awarded Ability to Issue $375,000 in Community Investment Tax Credits
Nantucket, MA — Housing Nantucket is proud to announce it has received a full $375,000 allocation of Community Investment Tax Credits, or CITCs, from the Healey-Driscoll Administration through the Executive Office of Housing and Livable Communities.
Governor Maura Healey and Lieutenant Governor Kim Driscoll have awarded $12.8 million in Community Investment Tax Credits statewide to support high impact community development efforts across Massachusetts.
“Community Development Corporations are trusted partners that bring people together to solve local challenges and create lasting opportunity,” said Lieutenant Governor Kim Driscoll. “These tax credits unlock private investment and give organizations the flexibility to expand housing, support families and grow local economies. This is how we make sure every region of Massachusetts has an opportunity to thrive.”
The Community Investment Tax Credit Program, established by the Legislature in 2012, supports Community Development Corporations like Housing Nantucket in advancing economic opportunities for low-, moderate-, and middle-income residents. Rather than providing a direct state grant, the program allows organizations to offer tax credits to donors who support approved community investment initiatives.
Donors who make qualified contributions of $1,000 or more to Housing Nantucket will receive a Massachusetts state tax credit equal to 50% of their donation, in addition to the federal charitable deduction. For donors without sufficient Massachusetts tax liability, the credit is refundable through the Commonwealth. The program is available to individuals, corporations, and many family foundations.
“This award is deeply meaningful to us because it reflects the Commonwealth’s recognition of both the importance of year-round housing and the extraordinary challenges of creating new housing opportunities on Nantucket,” said Anne Kuszpa, Executive Director of Housing Nantucket. “We are incredibly grateful to the Healey-Driscoll Administration and the Executive Office of Housing and Livable Communities for their continued support of our work.”
Kuszpa emphasized that the allocation itself does not provide direct funding to the organization.
“This award gives us the ability to offer up to $375,000 in state tax credits to donors, but in order to fully utilize the allocation, we must raise $750,000 in charitable contributions from private supporters,” Kuszpa said. “CITCs are an incredibly effective tool because they help entice donors to invest in housing solutions that directly benefit Nantucket’s year-round community.”
Funds raised through the CITC program are a key driver in Housing Nantucket’s strategy to expand the island’s parallel real estate market, a permanent network of deed-restricted housing that exists alongside the open market but remains accessible to Nantucket’s essential workforce and year-round residents.
“Each dollar raised through this program helps us create and preserve housing opportunities that would otherwise be extremely difficult to achieve in Nantucket’s high cost market,” Kuszpa added. “We currently have both rental and homeownership opportunities in development, and this flexible philanthropic support helps us move those projects forward.”
Housing Nantucket encourages interested donors to reserve credits early to ensure availability.
For more information about Housing Nantucket or to reserve Community Investment Tax Credits, visit HousingNantucket.org.
