The Housing Bond Bill passed by Sen. Sal DiDomenico and his colleagues in the Legislature was recently signed into law by Gov. Charlie Baker. The bill includes two of Senator DiDomenico’s major legislative priorities: expansion of the Community Investment Tax Credit (CITC) and reauthorization of the Early Education and Out of School Time (EEOST) Capital Fund.
The CITC was created in 2012 by legislation sponsored by Senator DiDomenico. It offers a 50 percent credit to anyone who donates money to a community development corporation (CDC). CDCs are nonprofit, community based organizations focused on revitalizing the areas in which they are located by promoting and developing affordable housing, providing job training, and supporting local businesses, among other initiatives. The Sen. filed a bill to extend and expand the CITC through 2025, which was included in the bond bill.
The EEOST Capital Fund provides loans and grants for the construction and renovation of early learning centers and out-of-school-time facilities serving low-income children in the Commonwealth. Sen. DiDomenico was the original sponsor of legislation that created the Capital Fund in 2013. Under the bond bill, the EEOST Capital Fund has been reauthorized to 2023 at $45 million.
“I am thrilled that the EEOST Capital Fund and CITC expansion reauthorization were included in the Housing Bond Bill,” said Sen. DiDomenico, Assistant Majority Leader of the Massachusetts Senate. “I have long supported these measures because they give communities the tools they need to make change locally to support community and economic development. I am confident that these provisions will help us support individuals and families across our Commonwealth and allow us to continue to make key housing investments and community development for years to come.”
The CITC expansion and EEOST Capital Fund are two key aspects of the Housing Bond Bill, which aims to increase affordable housing production, maintain affordability in existing housing, modernize and diversify public housing, and invest in innovative solutions for the Commonwealth’s growing demand for housing.