BOSTON- Senator Sal DiDomenico recently announced that his bill to extend the Community Investment Tax Credit (CITC) was included as a critical provision in the Housing Bond Bill that was passed by the Massachusetts Senate. The Senator was the original sponsor of legislation that created the CITC in 2012, and since then he has continued to champion the tax credit and sponsor legislation extending the program.

“I am thrilled that my CITC legislation was included in the Housing Bond Bill passed by the Massachusetts Senate,” said Senator DiDomenico. “This tax credit enables local residents and businesses to work together to address specific local challenges and opportunities, thereby creating jobs, economic opportunity, and vibrant communities. The CITC has helped to drive innovation in Massachusetts and spur local development, and I am proud to have worked with the Massachusetts Association of Community Development Corporations in championing this tax credit and helping to promote greater investment in our communities that need it most.”

The CITC offers a 50 percent credit to anyone who donates money to a community development corporation (CDC). CDCs are nonprofit, community based organizations focused on revitalizing the areas in which they are located— typically low- and moderate-income, underserved neighborhoods— by promoting and developing affordable housing, providing job training, and supporting local businesses, among other initiatives. Over the past three years, this program has generated nearly $24 million for CDCs across the state, enabling them to deepen their community engagement, create more housing opportunities, and increase their impact.

The CITC program is currently authorized through calendar year 2019 with up to $6 million in credits available each year, representing $12 million in fundraising potential. Under the provisions filed by Senator DiDomenico and included in the bond bill, the CITC would be extended to 2025 and the annual cap would be gradually raised to $12 million, representing $24 million in fundraising potential.

The Senator and his staff also worked closely with the Massachusetts Association of Community Development Corporations (MACDC) to facilitate a key role for United Way as a fundraiser and investor in the CITC.  Since the CITC’s inception in 2014, United Way has raised over $2.5 million from donors to support CDCs across the state, which have built over 600 new affordable housing units, prevented more than 1,300 foreclosures, and provided more than 11,600 individuals with financial coaching and education to help them build savings, reduce debt, and improve credit scores.

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BOSTON- Senator Sal DiDomenico recently spoke at the Chelsea Healthy & Affordable Food Summit. The event was organized by the Healthy Chelsea Youth Food Movement and Chelsea Hunger Network, two groups that are dedicated to fighting food insecurity and promoting good nutrition.

 The event was the first large, multisector summit of its kind in Chelsea to address food insecurity and healthy food access. The summit brought together representatives from Chelsea’s food pantries, soup kitchens, and other agencies that are working to address food insecurity in the city of Chelsea.   

 At the event, the Senator emphasized the severity of food insecurity in the Commonwealth and the need to combat it through comprehensive legislation. DiDomenico has long made food insecurity and nutrition policy a top priority and has been a leading champion for anti-hunger policies in the Massachusetts Legislature.

 “When I first began working on the Senate Kids First initiative and talking to different stakeholders and advocates, I was shocked at how frequently hunger was cited as a major issue here in Massachusetts, especially for our children.” said DiDomenico. “This is why I have made anti-hunger policies a key component of my legislative profile. This session in particular, I have filed a number of bills that would help fight food insecurity and promote good nutrition here in the Commonwealth. I am proud to support the work that Healthy Chelsea and the Chelsea Hunger Network are doing on the local level through my own work at the State House.”   

 DiDomenico has filed three pieces of legislation this session that would have a direct impact on food insecurity here in the Commonwealth:

• An Act relative to breakfast after the bell-  This legislation would require all public K-12 schools with 60% or more students eligible for free or reduced-price meals under the federal National School Lunch Program to offer breakfast after the instructional day begins to increase student participation in free and reduced price breakfasts and decrease the amount of kids that start the school day hungry.

• An Act to lift the cap on kids - This legislation would lift the so-called “family cap” that denies additional benefits to children conceived while a family was receiving benefits, leaving 9,000 children in poverty without basic essentials.

• An Act improving public health through a common application for core food, health and safety-net programs - This bill would create a common application portal to let low-income households apply for MassHealth and SNAP at the same time, therebyconsolidating the application process and raising awareness of SNAP eligibility. This bill would help more low income students access free school meals, increasing food access for over 100,000 Massachusetts elders, and help more families meet their basic needs.

“The Chelsea Healthy & Affordable Food Summit was a fantastic event that raised awareness on this critical issue for our Commonwealth and our community, and I’d like to congratulate everyone who helped to make it such a success,” DiDomenico added. “And a special thank you to Healthy Chelsea, the Chelsea Hunger Network, and the many advocates who are on the front lines fighting against food insecurity every day.”

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Legislation would allow financial literacy to be integrated within existing curricula in public schools to reduce foreclosures and unsustainable debt

BOSTON – Last week, Senator Sal DiDomenico (D-Everett) and his colleagues in the Massachusetts State Senate unanimously passed legislation aimed at improving students’ knowledge on saving, investing, insurance, banking, inflation, and other financial matters. 

 “Financial literacy is important for our students on so many levels, and it is critical that we take the necessary steps to ensure that our youth learn about how they can manage their personal finances to better prepare themselves for the future,” said Senator Sal DiDomenico, Assistant Majority Leader of the Massachusetts Senate. “I was proud to support this legislation that will ensure that our students graduate with the skills they need to make educated financial decisions and attain future economic success.”

 “Today’s youth are bombarded with a multitude of financial options and responsibilities at an increasingly young age, yet many are ill-equipped to make informed decisions about financial matters,” said State Senator Jamie Eldridge (D-Acton), the bill’s lead sponsor. “By teaching children the financial education basics in school, we will help them make educated financial decisions in the future, preventing future bankruptcies, foreclosures, and unmanageable debt. The investment we make in teaching our children financial literacy now will pay substantial future dividends.”

 The complexity of the American financial services market has made millions of consumers vulnerable to misleading and fraudulent business practices, which has bankrupted families, ruined communities, and contributed to the “Great Recession.” 

 According to a recent report by the Federal Reserve Bank of New York’s Center for Microeconomic Data, total household debt in the United States rose to an all-time high of $13.15 trillion by the end of 2017. Mortgage debt constitutes $8.88 trillion of total debt, while credit debt accounts for $834 billion. 2017 was the fifth consecutive year of annual household debt growth with increases in mortgage, student, auto, and credit card debt.

 “Every student should be given the opportunity to learn how to manage their personal finances,” said Senate President Harriette L. Chandler (D-Worcester). “By passing this financial literacy legislation, the Senate has exemplified its commitment to providing Massachusetts’ students with the comprehensive education they deserve.”

 “Personal financial security stems from the ability to work hard and save money and each of these can be enhanced by students learning how to create household budgets, manage debt, use the power of compounded interest, and understand the value of investing,” said Senate Minority Leader Bruce Tarr (R- Gloucester).  “Financial literacy in all of its forms can change lives, families and communities for the better.”

 S.2343, An act relative to financial literacy in schools, would allow personal financial literacy to be integrated within the existing mathematics, social sciences, technology, business, or other curricula where teachers have the capacity to teach financial literacy for all schools in the Commonwealth.

 “Teaching young people basic money management skills and helping them to avoid debt is critical for their future economic success,” said Senator Karen E. Spilka (D-Ashland), Chair of the Senate Committee on Ways and Means. “I applaud Senator Eldridge for leading the charge to make sure young people are well-equipped to navigate the many financial decisions they will encounter in their personal and professional lives.”

 The bill directs the Department of Elementary and Secondary Education (DESE) to create and implement standards and objectives on personal financial literacy for grades K-12. This would include information on loans, borrowing money, interest, credit card debt, online commerce, rights and responsibilities of renting or buying a home, saving, investing and planning for retirement, banking and financial services, balancing a checkbook, state and federal taxes, and charitable giving. The Student Financial Literacy Advisory Committee created in the FY13 budget will advise and oversee the development of such standards and objectives.

 “Through our work in the Office of Economic Empowerment, I have personally seen how critical it is to provide financial education to everyone within our state,” said Treasurer Deb Goldberg. “Requiring these skills to be taught in our schools in an important step to ensuring that all students have access to the financial skills they need to make informed decisions throughout their lives.”

 At least 20 states now require students to take a personal finance course or personal finance included in an economics course as a high school graduation requirement. By incorporating financial literacy in K-12 education, Massachusetts residents will be introduced to financial concepts earlier in life, and be better equipped to make prudent decisions based on their needs and budget considerations.

 The bill now goes to the House of Representatives for consideration.

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