NewVue Receives Tax Credits to Boost Fundraising
The use of Community Investment Tax Credits is key to NewVue raising unrestricted funds, We recently received notification that we have been awarded $300,000 in tax credits from the Healey-Driscoll administration.
The CITC is a 50 percent refundable tax credit that donors may claim when they give $1,000 or more. If a business or individual donates $10,000 to NewVue for example, the company will receive $5,000, half of the donation, back in tax credits. The tax credits will decrease the filer’s tax burden or increase a refund.
“This provides a significant incentive for donors to contribute more knowing their out-of-pocket cost will remain the same,” said NewVue Executive Director Marc Dohan. For NewVue, it means that $300,000 in donations will turn into $600,000 for our programs and services.
“The recent award of Community Investment Tax Credits will help NewVue invest in the local communities we serve by assisting small businesses, helping tenants purchase their first home, building affordable housing and developing local leaders,’’ Dohan said. “Incentivizing financial support for community development corporations has become a critical tool as we raise funds to fuel our work.”
This is the 11th year of program funding, which will support 54 CDCs in Massachusetts. The 54 applicants received credit allocations between $50,000 and $300,000, totaling $11,670,000. The remaining $330,000 credits will be available for rolling awards. NewVue, again, received the maximum award.
“These funds are a powerful tool for our local Community Development Corporations to help address our state’s housing challenges,” said Gov. Maura Healey in a recent press release. “The CITC program provides them with the flexible tools they need to fund new programs, fill funding gaps, and leverage other resources to support their communities.” For information about NewVue’s Community Investment Program, please contact Kerry Flathers, Director of Development and Communications, kflathers@nvcomm.org