ROCKLAND, Mass. – Rockland Trust Community Development Corporation has been approved by the U.S. Treasury to sell $50 million in tax credits that will allow it to make low-interest loans to businesses and individuals in low-income areas in Massachusetts and Rhode Island.

The award was part of an announcement last week by Treasury Secretary Timothy Geithner that 32 organizations would receive $1.5 billion of the New Markets Tax Credit allocation authorized by the American Recovery and Reinvestment Act of 2009 (ARRA).

Rockland Trust Community Development Corporation is a subsidiary of Rockland Trust Co., the bank subsidiary of Independent Bank Corp. (NASDAQ: INDB).

The $50 million award to the Rockland Trust Community Development Corporation enables Rockland Trust Co. to acquire federal tax credits by making an equity investment in the Rockland Trust Community Development Corporation, for a period of at least seven years, up to the full amount of the award.

Rockland Trust Community Development Corporation, in turn, must use that equity investment to make loans to qualified businesses and individuals in low-income communities in eastern Massachusetts, on Cape Cod, and in Rhode Island. Loans will have terms and conditions such as below-market interest rates, longer interest-only periods, and longer amortization periods.

Rockland Trust’s overall tax credit will be equal to 39 percent of its total equity investment in Rockland Trust Community Development Corporation, credited at a rate of 5 percent in each of the first three years and 6 percent in each of the final four years.

In order for tax credits to be obtained, Rockland Trust Community Development Corporation must enter into an Allocation Agreement with the Treasury Department, make loans in accordance with regulatory guidelines and otherwise comply with New Markets Tax Credit Program requirements.

“Rockland Trust is honored to receive this New Markets Tax Credit award, as this funding will enhance our already strong commitment to support the communities in which Rockland Trust does business,” said Chris Oddleifson, president and CEO of Independent and Rockland Trust Co. “During times of economic hardship, it is especially important to support qualified businesses in low-income communities, as they provide essential services, create new jobs and sustain economic growth in distressed areas.”

Independent Bank Corp. is the parent of Rockland Trust Co., a full-service community bank with assets of $3.6 billion that serves southeastern Massachusetts, Cape Cod and Rhode Island. Rockland Trust has 63 retail branches, nine commercial lending centers, five mortgage-origination offices and four investment-management offices, one of which is in Rhode Island. Additional information is available at www.RocklandTrust.com.