Make a corporate contribution in 2012 and receive half of it back in MD state tax credits!

The Community Investment Tax Credits (CITC) program of the Maryland Department of Housing and Community Development has awarded Community Partners tax credits in 2012.

Businesses and individuals that make donations to our organization’s approved project can earn tax credits equal to 50% of the value of the financial contribution. These tax credits are in addition to the deductions on both Federal and State taxes as a result of the charitable contribution.

Using the tax credit contributions, Community Partners will partner with the Housing Opportunities Commission (HOC) (www.hocmc.org) and the Capital Area Asset Builders (CAAB) (www.caab.org) to create an Individual Development Account (IDA) Program to help low-income, working families and individuals in Montgomery County, MD to achieve self-sufficiency.

Under this asset building program, about 20 low-income residents of Montgomery County will establish savings accounts and have their deposits matched at a rate of 3:1 with IDA funds that consist of federal grant funds and non-federal match monies, for the purpose of purchasing a first home, starting a business or attending school.

Our partner CAAB has set aside for our program the needed federal funds which will be released when Community Partners can secure the non-federal match with contributions generated by the awarded tax credits. That’s why your contribution is so important.

For more information, please contact Mr. Eugene Spencer at 240-773-9327 or Eugene.Spencer@hocmc.org. Thank you.

Saving for a Better Tomorrow IDA - Brochure