Rep. Cabral Announces Tax Credit for WHALE
State Representative Antonio F.D. Cabral (D-New Bedford) announced that New Bedford’s Waterfront Historic Area League (WHALE) has received a 2018 Community Investment Tax Credit (CITC) of $150,000 from the Department of Housing and Community Development (DHCD).
WHALE, a community development corporation (CDC), focuses on preserving and repurposing historic buildings throughout the City of New Bedford in a way that promotes community engagement and economic sustainability.
“When we, as a community, approach economic development in a way that is holistic and comprehensive, we are much more likely to increase opportunities for all of our city’s residents,” said Rep. Cabral. “WHALE has done an incredible job unifying New Bedford’s downtown businesses and social service agencies. This tax credit will facilitate even more economic growth.”
Rep. Cabral also ushered a housing bond bill through the legislature, which recently passed both the House and Senate, containing provisions to extend and expand the CITC. The language extends the program from 2019 to 2025, and calls for a gradual increase to the program’s overall cap from $6 million to $12 million.
"The importance of CITC to WHALE's community development work has been critical both to help us grow our capacity and to complete more historic restoration of blighted buildings that revitalize the neighborhoods of New Bedford,” said Teri Burnert, Executive Director of WHALE. “We thank Representative Cabral for his outstanding efforts to pass this bill."
The CITC program is designed to strengthen existing connections among the nonprofit, public and private institutions within municipalities and CDCs, in an effort to boost opportunities for low and moderate income households throughout the Commonwealth. This year, DHCD announced $5.9 million in total tax credit allocations to 46 CDCs and two Community Service Organizations (CSOs) through the state-wide program.
--Rep. Cabral's Office