19 January 2024- Maryland Department of Housing and Community Development Secretary Jake Day announced that the agency has awarded $1,750,000 in Fiscal Year 2024 Community Investment Tax Credits to more than 70 nonprofit organizations in 16 local jurisdictions. The tax credits will assist nonprofits in attracting private contributions to support local housing and community revitalization projects and initiatives. The program received 100 applications from nonprofits designated as 501(c)(3) organizations by the Internal Revenue Service requesting more than $4 million.
“Governor Moore has proclaimed Maryland to be a state of service, and these nonprofit organizations exemplify our state’s spirit of service through their great projects and programs,” said Secretary Day. “The Community Investment Tax Credit empowers local nonprofits to build partnerships and attract donations to support their efforts to end poverty, connect Marylanders with opportunity, and improve communities.”
Nonprofit organizations that receive the Community Investment Tax Credits then offer the credits as an incentive for individuals and businesses to support capital and operating costs associated with specific, approved project(s). Businesses and individuals that donate to a qualified organization’s approved project can earn state tax credits equal to 50% of the value of the money, goods or real property contribution.
Since its creation, the Community Investment Tax Credit program has leveraged nearly $27 million in charitable contributions to approximately 700 nonprofit projects and activities across the state. Nonprofit organizations receiving Fiscal Year 2024 Community Investment Tax Credit awards in the local area are:
Children In Need Inc.
Operating support for the expansion of Children In Need (CIN ) services to a greater number of disadvantaged children in Washington County, providing them with essential items such as clothing, toiletries, school supplies, and more.
Community Free Clinic, Inc.
Operating support to raise community awareness through advertising, print and media spots, and targeted radio broadcasting spots for area listeners and residents.