GREAT BARRINGTON -- The Community Development Corp. of South Berkshire has been offered a $50,000 tax incentive from the state that the organization can use to entice donors.
The incentive comes in the form of Community Investment Tax Credits, which allow the nonprofit to raise funds by offering tax credits to donors. The tax credits can be received through December 2014.
"It was competitive and it was based on a community investment plan," organization Executive Director Timothy Gellar said. "We have a very comprehensive plan that goes out seven or eight projects."
Community Development Corp. is a nonprofit organization that creates housing and economic opportunities for low- and moderate-income households in South Berkshire.
It is working on multiple projects that include creating mixed-use commercial, residential and recreational areas at the New England Log Homes site and Housatonic Commons in Great Barrington. Other projects involve the Searles/ Bryant Redevelopment, Hillside Avenue Housing, and St. James Place in Great Barrington, and projects in Stockbridge and Lenox.
CDCSB was one of 38 community organizations to receive a portion of $3 million in Community Investment Tax Credits, which are being used to encourage new economic opportunities for low- and middle-income households from the state.
"One of the primary difficulties of a nonprofit developer is to be able to financially carry the projects for the many years it takes to get them built," Gellar said.
The Department of Housing and Community Development is the administering agency for the tax credits. The tax credits are equal to 50 percent of the donation, which also doesn't count the potential for a federal tax deduction.
For additional information, individuals are encouraged to contact CDCSB at (413) 528-4978.
To reach John Sakata:
email@example.com, or (413) 496-6240.
On Twitter: @jsakata