Mascoma Community Development (MCD) was established on August 9, 2013, as a wholly-owned subsidiary of Mascoma Savings Bank with the primary mission of community development utilizing the New Markets Tax Credit (NMTC) Program. The NMTC program allows MCD to direct capital to underserviced communities through financing high-impact, mission-focused projects nationwide. MCD’s primary goals are to deploy tax credits into projects benefiting low income communities and/or low income persons that will promote:
- Downtown revitalization
- New business development and expansion
- Ancillary development
- Job retention and creation
The Community Development Financial Institutions Fund (CDFI Fund) has awarded MCD a total of $105 million in allocation authority since 2014. With its NMTC allocation, MCD will be able to serve low income communities nationally; however, its focus will continue to be the low income communities throughout New England and New York State. MCD often partners with its parent, Mascoma Savings Bank in NMTC transactions. Mascoma Savings Bank has been a leverage lender in multiple NMTC projects and has worked with many different Community Development Entities (CDEs) prior to MCD’s allocation award. Since beginning its work as a New Markets Tax Credit leverage lender, Mascoma Savings Bank has helped to generate more than 1,400 permanent and temporary jobs through New England.
“In accordance with federal law and the U.S. Department of the Treasury policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age or disability. To file a complaint of discrimination, write to Department of the Treasury, Office of Civil Rights and Diversity, 1500 Pennsylvania Ave. NW, Washington D.C., 20220 or call (202) 622-1160.”