2014 Government Regulations & Business Summit
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By Michael Souza
PBN Staff Writer
ROCKLAND â€“ The U.S. Treasury Department has awarded Rockland Trust Community Development Corp. $66 million in tax credits under its New Markets Tax Credit Program.
Rockland Trust will use the credits to subsidize loans to qualified businesses and individuals in low-income communities in Massachusetts and Rhode Island, and to help provide free financial counseling and technical assistance to qualified businesses. In the past, tax credit awards have been used by Rockland Trust to make 123 loans totaling approximately $137 million and more than $400,000 in 17 separate technical assistance investments. Such investments have created 2,800 jobs, have helped to provide technical assistance to more than 990 businesses and financed the acquisition and/or rehabilitation of more than 2.7 million square feet of real estate in low-income communities.
â€śRockland Trust is truly honored by this award, which increases our ability to support economic growth and promote job creation in the many low-income communities that we serve,â€ť said Christopher Oddleifson, president and CEO of Rockland Trust and its parent, Independent Bank Corp.
The credits were awarded after a competitive application process. Out of 314 applicants nationwide, 70 were awarded credits. Rockland Trust CDC is the only bank-affiliated CDC in Massachusetts to receive an award, the fourth time it has done so.