Beverly Bank Invests in North Shore CDC through Community Investment Tax Credit Program

Beverly Bank is taking their commitment to our North Shore region a step further by investing in a new donor-based program with North Shore Community Development Coalition. North Shore CDC received an initial $5,000 investment from Beverly Bank within their Community Investment Tax Credit (CITC) program- a state tax credit program that incentivizes donors to invest in their community development organizations in order to spur local economic development. The bank will be hosting an event on Thursday, October 8th from 6-8 pm at The Wild Horse Restaurant at 392 Cabot Street in Beverly to celebrate their investment and educate local donors about the benefits of the CITC program over complimentary appetizers and a cash bar.

“As a banker, I know the importance of fulfilling your institution’s CRA obligations. Not just from a regulatory perspective but also from the perspective of being the good corporate citizen. We all strive to invest in the people of the cities and towns we serve and the Community Investment Tax Credit is a great tool to do this,” commented Steve Britton, SVP of Beverly Bank and Board Member of North Shore CDC.

Donors who invest through the CITC program receive 50% of their donation back as a state tax credit. These CITC donors, like Beverly Bank, are partnering with North Shore CDC to stretch the impact their CRA-qualifiable donation has on local North Shore communities. North Shore CDC received $100,000 in 2015 tax credits from the Department of Housing and Community Development (DHCD) earlier this year. Using the tax credit, North Shore CDC is working to leverage $200,000 from local donors, thereby providing working capital for North Shore neighborhoods in need of investment, including Salem’s Point Neighborhood, Beverly’s Gloucester Crossing Neighborhood, and Peabody’s downtown.

“The CITC program is a great economic development tool to increase local support of our neighborhood revitalization work. We’re thrilled that Beverly Bank not only supports the program, but is committed to engaging their stakeholders around the philanthropic opportunities that Community Investment Tax Credit provides,” remarked Mickey Northcutt, CEO of North Shore CDC.

To learn more about the CITC program visit www.northshorecdc.org or call Jackie Giordano at 978-825-4016. Please direct all RSVP’s to Karen Stewart at kstewart@beverlybank.com or call 978-922-0857 x111.

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